JPMorgan Core Bond Fund NCSRS Certified semi-annual shareholder report (management investment company)

JPMorgan Core Bond Fund (WOBDX) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: October 31

Date of reporting period: November 1, 2014 through April 30, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1.

REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semi-Annual Report

J.P. Morgan International Equity Funds

April 30, 2015 (Unaudited)

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Emerging Markets Equity Income Fund

JPMorgan Global Research Enhanced Index Fund

JPMorgan Global Unconstrained Equity Fund

JPMorgan International Equity Fund

JPMorgan International Equity Income Fund

(formerly JPMorgan Global Equity Income Fund)

JPMorgan International Opportunities Fund

JPMorgan International Research Enhanced Equity Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

JPMorgan Intrepid International Fund

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Emerging Economies Fund			3

JPMorgan Emerging Markets Equity Fund			6

JPMorgan Emerging Markets Equity Income Fund			9

JPMorgan Global Research Enhanced Index Fund			12

JPMorgan Global Unconstrained Equity Fund			14

JPMorgan International Equity Fund			16

JPMorgan International Equity Income Fund (formerly JPMorgan Global Equity Income Fund)			19

JPMorgan International Opportunities Fund			23

JPMorgan International Research Enhanced Equity Fund			27

JPMorgan International Unconstrained Equity Fund			30

JPMorgan International Value Fund			33

JPMorgan Intrepid International Fund			37

Schedules of Portfolio Investments			40

Financial Statements			82

Financial Highlights			110

Notes to Financial Statements			134

Schedule of Shareholder Expenses			158

Board Approval of Investment Advisory Agreement			163

Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

May 12, 2015 (Unaudited)

Dear Shareholder,

The sharp divergence between U.S. economic growth and the rest of the world that marked the end of 2014 receded somewhat in 2015 as aggressive actions by central banks and a stunning drop in global oil prices brought improved economic growth and strength in financial markets. Globally, equity markets and bond market aggregate indexes provided positive returns for the six months ended April 30, 2015.

“The collective, if not concerted, efforts of central bankers helped to drive financial markets higher during the six month period.”

By the start of November, the U.S. Federal Reserve had ended its multi-billion dollar bond buying program amid substantial and continued improvement in employment. Meanwhile, Japan unleashed a massive economic stimulus to counter two consecutive quarters of economic contraction and the European Central Bank moved decisively to head off the threat of a deflationary spiral. China’s central bank also undertook a series of actions to counter a slowing economy. By the end of February 2015, the nations of India, Australia, Canada, Singapore and Denmark had also enacted monetary policies to counter economic weakness.

The collective, if not concerted, efforts of central bankers helped drive financial markets higher during the six month period. Global mergers and acquisitions activity and generally healthy corporate earnings contributed to strength in equity markets. By mid April, European stock prices, as measured by the FTSEurofirst 300 Index, closed at their highest level since 2000, while China’s Shanghai Composite Index rose to close at a seven year high and Japan’s Nikkei Stock Average 225 closed above the 20,000 point level for the first time in 15 years.

After notching record closing highs in February, March and April, the Standard & Poor’s 500 Index ended the six months through April 30, 2015, with a return of 4.40%. The MSCI Europe, Australasia and Far East Index returned 7.06% and the MSCI Emerging Markets Index returned 4.04% for the same period. Among bond indexes, the Barclays U.S. Aggregate Index returned 2.06% and the Barclays Emerging Markets Aggregate Index returned 1.15% for the same period.

While U.S. financial markets continued to benefit from low interest rates, expanding corporate profits and mergers, the overall U.S. economy — after leading all other developed markets in growth through 2014 — showed signs of weakening in early 2015.

For the first quarter of 2015, U.S. gross domestic product (GDP) actually contracted by 0.7% compared with 2.2% growth for the final quarter of 2014. In hindsight, economists noted two significant drags on the domestic economy in the first three months of 2015: Severe winter weather across the eastern half of the country impeded construction and transportation and a months-long labor dispute created significant backlogs at crucial West Coast ports. The relative strength of the U.S. dollar also made exports more expensive and curbed foreign demand for U.S.-made goods.

Declines in global oil prices, while helping consumer sectors of the economy, forced energy sector companies to curtail new projects and the U.S. dollar’s strength relative to other leading currencies put pressure on the earnings of companies with large overseas operations.

While U.S. unemployment fell to 5.4% in April 2015 from 5.8% in November 2014, the pace of job growth in March was the weakest in 15 months at 85,000 total jobs added. While wage growth in the U.S. showed improvement in April, it remained weak overall, as it has throughout the economic recovery.

Meanwhile, GDP growth in the European Union (EU) rose 0.4% in the final quarter of 2014 and by 0.4% in the first three months of 2015. The euro’s weakness relative to other currencies helped drive export growth and in April 2015, EU consumer prices ended a four-month string of declines and bank lending in March 2015 rose for the first time since 2012. Further, even as the ongoing Greek debt crisis curbed investor confidence in the EU, data from countries ranging from Germany to Spain showed the economic recovery gaining strength.

The changes in the relative strengths and trajectories in the economies of the developed and emerging market nations over the course of the past six months clearly demonstrate the fluid and interconnected nature of the global economy. We believe a well diversified portfolio and a patient, long-term perspective may allow investors to benefit from positive trends while limiting the impact of negative trends.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	1

J.P. Morgan International Equity Funds

MARKET OVERVIEW

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)

Developed Markets

Increased central bank stimulus in the European Union and the Japanese government’s bulk purchases of equities during the six month period provided support for equity markets outside the U.S. Meanwhile, the U.S. Federal Reserve (the “Fed”) ended its own asset purchasing program but held interest rates at historical lows. U.S. equity prices remained near record highs for much of the period, supported by low interest rates, earnings growth and mergers and acquisitions activity. For the six months ended April 30, 2015, the MSCI Europe, Australasia and Far East Index returned 7.06% and the S&P 500 Index returned 4.40%.

Large bond purchases by the European Central Bank drove up prices for European sovereign debt. Yields, which generally move in the opposite direction of prices, fell on German 10 year bonds to record lows and sent fixed income investors to seek relatively higher yields from U.S. Treasury bonds. Notably, April 2015 brought fresh signs of economic growth and inflation expectations in Europe and led to sharply higher German bond yields at the end of the month.

Commodities prices generally remained under pressure during the six month period amid tepid global demand. Oil and gas prices continued to fall until hitting a bottom in mid-March. While energy prices rose steadily through April, they remained well below levels seen at the start of the six month reporting period.

Emerging Markets

Slowing growth in China drove uncertainty across emerging markets. However, the Chinese central bank took several actions aimed at stabilizing a deceleration of growth to a moderate pace. During the six month period, Chinese equity prices provided positive returns and the Shanghai Composite Index closed at a seven year high in late April.

Falling energy prices for much of the six month period also provided a boost for other emerging market nations, including India, Brazil, South Africa and Turkey. Russia, which is an energy exporting nation, was hurt by low global oil prices as well as continued economic sanctions imposed by the West. For the six month period, the MSCI Emerging Markets Index returned 4.04%.



2	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.96%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		3.92%

Net Assets as of 4/30/2015 (In Thousands)	$	843,847

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

The Fund’s security selection and underweight position in the consumer staples sector and its security selection in the health care sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and consumer discretionary sectors were detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Great Wall Motor Co., Pegatron Corp. and China Merchants Bank Co. Shares of Great Wall Motor, a Chinese automaker, rose on increased sales of its budget-priced sport utility vehicles. Shares of Pegatron, a Taiwanese electronics manufacturer and the main assembler of Apple Inc. products, rose on strong sales and earnings in early 2015. Shares of China Merchants Bank, a Chinese commercial bank, strengthened on solid growth in earnings.

Leading individual detractors from relative performance included the Fund’s overweight position in Kroton Educacional SA and its underweight positions in Tencent Holdings Ltd. and Ping An Insurance Co. Shares of Kroton Educacional, a Brazilian

operator of private schools, fell after the Brazilian government tightened regulations on a college loan program that provides a large portion of Kroton’s revenue. Shares of Tencent Holdings, a provider of Internet and mobile services in China, gained from continued growth in its online advertising businesses. Shares of Ping An Insurance on strong earnings growth. However, the Fund had no position in the stock, which hurt relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest average positions during the six months ended April 30, 2015, were in China, South Korea and Taiwan and its smallest average positions in which the Fund invested were in Egypt, Malaysia and Greece. From a sector perspective, the Fund’s largest average positions were in the information technology, financials and consumer discretionary sectors, while its smallest average positions in which it was invested were in the health care, consumer staples and materials sectors.

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	3

JPMorgan Emerging Economies Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Bank of China Ltd., Class H (China)	1.9	%
	2.	China Merchants Bank Co., Ltd., Class H (China)	1.6
	3.	China CITIC Bank Corp., Ltd., Class H (China)	1.4
	4.	Samsung Electronics Co., Ltd. (South Korea)	1.2
	5.	China Construction Bank Corp., Class H (China)	1.2
	6.	Catcher Technology Co., Ltd. (Taiwan)	1.2
	7.	Lenovo Group Ltd. (China)	1.2
	8.	CNOOC Ltd. (China)	1.2
	9.	Fubon Financial Holding Co., Ltd. (Taiwan)	1.2
	10.	Industrial & Commercial Bank of China Ltd., Class H (China)	1.2


PORTFOLIO COMPOSITION BY COUNTRY*
China	25.0	%
South Korea	19.6
Taiwan	12.8
Russia	6.4
Brazil	6.4
India	6.3
Thailand	5.5
Turkey	5.0
Hong Kong	4.8
South Africa	3.7
Indonesia	1.0
Others (each less than 1.0%)	2.2
Short-Term Investment	1.3

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



4	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2008
Without Sales Charge			3.83	%		6.01	%		2.87	%		0.03	%
With Sales Charge**			(1.64	)		0.46			1.76			(0.72	)
CLASS C SHARES	February 28, 2008
Without CDSC			3.61			5.49			2.35			(0.47	)
With CDSC***			2.61			4.49			2.35			(0.47	)
CLASS R5 SHARES	February 28, 2008		4.10			6.51			3.34			0.49
SELECT CLASS SHARES	February 28, 2008		3.96			6.31			3.13			0.28

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/08 TO 4/30/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on February 28, 2008.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	5

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*		(2.98)%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)		3.92%

Net Assets as of 4/30/2015 (In Thousands)	$	2,088,476

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities from emerging markets issuers.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Institutional Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

The Fund’s security selection in the consumer discretionary and financials sectors was the leading detractor from performance relative to the Benchmark. The Fund’s security selection and underweight position in the energy sector and its underweight position in the utilities sector were leading positive contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s positions in Sands China Ltd., Wynn Macau Ltd. and Baidu Inc., none of which were held in the Benchmark. Shares of Sands China and Wynn Macau, both Macau casino operators, declined as Chinese government efforts to curb corruption reduced casino traffic by wealthy customers. Shares of Baidu, a Chinese Internet portal operator, fell after the company posted revenues below analysts’ estimates.

Leading individual contributors to relative performance included the Fund’s overweight positions in Capitec Bank Holdings Ltd. and AIA Group Ltd., and its underweight position in

Petroleo Brasileiro SA (Petrobras). Shares of Capitec Bank, a South African financial services company, rose on solid earnings and revenue. Shares of AIA Group, a Hong Kong insurer and financial services company, rose on strong growth in new business. Shares of Petrobras, Brazil’s state-controlled energy company, fell amid weak global oil prices and an ongoing corruption scandal.

HOW WAS THE FUND POSITIONED?

The Fund employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, at the end of the reporting period the Fund’s largest average sector positions were the financials, information technology and consumer discretionary sectors, while the smallest average sector positions in which the Fund was invested were in the utilities, health care and telecommunication services sectors.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



6	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	AIA Group Ltd. (Hong Kong)	3.6	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	3.1
	3.	Housing Development Finance Corp., Ltd (India)	2.8
	4.	Tata Consultancy Services Ltd. (India)	2.8
	5.	Tencent Holdings Ltd. (China)	2.7
	6.	Bidvest Group Ltd. (The) (South Africa)	2.2
	7.	HDFC Bank Ltd., ADR (India)	2.1
	8.	Remgro Ltd. (South Africa)	2.1
	9.	MTN Group Ltd. (South Africa)	2.0
	10.	Baidu, Inc., ADR (China)	1.9


PORTFOLIO COMPOSITION BY COUNTRY*
South Africa	18.0	%
India	16.5
Brazil	9.4
China	8.9
Taiwan	7.9
Russia	6.9
Hong Kong	6.3
Thailand	5.5
South Korea	4.0
Indonesia	3.4
Turkey	2.5
Mexico	2.3
United Kingdom	2.2
Peru	1.5
Panama	1.4
Australia	1.2
Others (each less than 1.0%)	1.0
Short-Term Investment	1.1

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	7

JPMorgan Emerging Markets Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
Without Sales Charge			(3.17	)%		0.82	%		1.72	%		8.47	%
With Sales Charge**			(8.24	)		(4.46	)		0.63			7.88
CLASS B SHARES	September 28, 2001
Without CDSC			(3.42	)		0.30			1.21			8.05
With CDSC***			(8.42	)		(4.70	)		0.82			8.05
CLASS C SHARES	February 28, 2006
Without CDSC			(3.39	)		0.31			1.21			7.93
With CDSC****			(4.39	)		(0.69	)		1.21			7.93
CLASS R6 SHARES	December 13, 2013		(2.90	)		1.33			2.15			8.94
INSTITUTIONAL CLASS SHARES	November 15, 1993		(2.98	)		1.25			2.13			8.92
SELECT CLASS SHARES	September 10, 2001		(3.03	)		1.10			1.97			8.75

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/05 TO 4/30/15)

Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2005 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI

Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The Board of Trustees of the Fund has approved the automatic conversion of the Fund’s Class B Shares into Class A Shares on June 19, 2015. On June 19, 2015, all Class B Shares of the Fund will automatically convert to Class A Shares of the Fund.



8	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 12, 2014 (FUND INCEPTION DATE) THROUGH APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			4.96%
Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes)			12.42%

Net Assets as of 4/30/2015 (In Thousands)			$3,175

INVESTMENT OBJECTIVE**

The JPMorgan Emerging Markets Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) from its inception on December 12, 2014 to April 30, 2015.

The Fund’s security selection and overweight position in the information technology sector and its security selection in the consumer discretionary sector were leading detractors from relative performance for the reporting period. The Fund’s security selection in the financials and materials sectors was a leading contributor to performance relative to the Benchmark for the reporting period.

Leading individual detractors from relative performance included the Fund’s overweight positions in Wynn Macau Ltd. and Pt. Perusahaan Gas Negara and its underweight position in Tencent Holdings Ltd. Shares of Wynn Macau, an operator of casino resorts, declined as Chinese government efforts to curb corruption reduced casino traffic among wealthy customers. Perusahaan Gas, an Indonesian natural gas producer, declined in line with other energy sector companies amid weakness in oil and gas prices. Shares of Tencent Holdings, a provider of Internet and mobile services in China, gained from continued growth in its online advertising businesses.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lukoil OAO, OTP Bank Nyrt and Mobile Telesystems OAO. Shares of Lukoil, a Russian oil and natural gas company, rose after the company reaffirmed its commitment to start production at the Filanovsky field in the Caspian Sea. Shares of OTP Bank Nyrt, Hungary’s largest bank, rose after the company forecast a profit for 2015. Shares of Mobile Telesystems, a Russian telecommunications services company, strengthened on solid earnings and revenue growth.

HOW THE FUND WAS MANAGED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends. In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to manage the Fund’s currency exposure.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	9

JPMorgan Emerging Markets Equity Income Fund

FUND COMMENTARY

FOR THE PERIOD DECEMBER 12, 2014 (FUND INCEPTION DATE) THROUGH APRIL 30, 2015 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	China Construction Bank Corp., Class H (China)	2.5	%
	2.	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan)	2.4
	3.	MTN Group Ltd. (South Africa)	2.4
	4.	Industrial & Commercial Bank of China Ltd., Class H (China)	2.4
	5.	China Mobile Ltd. (Hong Kong)	2.4
	6.	Bank of China Ltd., Class H (China)	2.3
	7.	Siam Cement PCL (The), NVDR (Thailand)	2.3
	8.	Siliconware Precision Industries Co., Ltd. (Taiwan)	2.2
	9.	Bidvest Group Ltd. (The) (South Africa)	2.1
	10.	MediaTek, Inc. (Taiwan)	2.1


PORTFOLIO COMPOSITION BY COUNTRY*
Taiwan	22.0	%
South Africa	13.0
China	10.6
Brazil	10.2
Hong Kong	8.1
Russia	6.9
South Korea	5.8
Turkey	5.2
Thailand	4.3
United States	2.3
Mexico	2.1
Chile	1.9
Poland	1.8
Indonesia	1.6
Hungary	1.5
Singapore	1.4
United Arab Emirates	1.3

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



10	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	SINCE INCEPTION*
CLASS A SHARES	December 12, 2014
Without Sales Charge			4.83	%
With Sales Charge**			(0.67	)
CLASS C SHARES	December 12, 2014
Without CDSC			4.62
With CDSC***			3.62
CLASS R5 SHARES	December 12, 2014		5.03
CLASS R6 SHARES	December 12, 2014		5.03
SELECT CLASS SHARES	December 12, 2014		4.96

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (12/12/14 TO 4/30/15)

The Fund commenced operations on December 12, 2014.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Equity Income Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from December 12, 2014 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	11

JPMorgan Global Research Enhanced Index Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			4.41%
Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)¹			5.09%

Net Assets as of 4/30/2015 (In Thousands)			$6,528,573

INVESTMENT OBJECTIVE**

The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015. The Fund’s security selection in the basic industries and health care sectors detracted from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the technology-hardware and autos sectors made a positive contribution to relative performance.

Due to the Fund’s holdings of a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers implemented an overweight position in securities included within the universe of the Benchmark that they considered undervalued, while underweighting or not holding securities in the Benchmark that they considered overvalued. During the reporting period, the Fund’s portfolio managers used exchange-traded funds and futures to help manage cash flows.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc. (United States)	2.2	%
	2.	Microsoft Corp. (United States)	1.3
	3.	Wells Fargo & Co. (United States)	1.0
	4.	Exxon Mobil Corp. (United States)	0.9
	5.	Johnson & Johnson (United States)	0.9
	6.	Nestle S.A. (Switzerland)	0.8
	7.	Roche Holding AG (Switzerland)	0.8
	8.	Pfizer, Inc. (United States)	0.7
	9.	Procter & Gamble Co. (The) (United States)	0.7
	10.	Verizon Communications, Inc. (United States)	0.7


PORTFOLIO COMPOSITION BY COUNTRY***
United States	53.5	%
Japan	8.4
United Kingdom	7.3
Switzerland	4.1
France	3.9
Germany	3.7
Canada	3.6
Australia	2.5
Netherlands	1.5
Spain	1.3
Hong Kong	1.1
Ireland	1.0
Italy	1.0
Others (each less than 1.0%)	3.6
Short-Term Investment	3.5

MSCI World Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



12	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2013
Without Sales Charge			4.34	%		7.37	%		13.83	%
With Sales Charge**			(1.14	)		1.74			11.03
CLASS C SHARES	February 28, 2013
Without CDSC			4.01			6.81			13.24
With CDSC***			3.01			5.81			13.24
CLASS R2 SHARES	February 28, 2013		4.15			7.06			13.52
SELECT CLASS SHARES	February 28, 2013		4.41			7.61			14.10

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/13 TO 4/30/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on February 28, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutuals funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	13

JPMorgan Global Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			7.39%
Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)			4.97%

Net Assets as of 4/30/2015 (In Thousands)			$4,947

INVESTMENT OBJECTIVE**

The JPMorgan Global Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares outperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

The Fund’s security selection in the financials and industrials sectors was a leading contributor to performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the consumer discretionary sector and the information technology sector was a leading detractor from relative performance. By region, the Fund’s security selection in emerging markets and Continental Europe was a leading contributor to relative performance, while the Fund’s security selection in the Pacific region, excluding Japan, and its underweight position in Japan were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included overweight positions in Boston Scientific Corp., China Merchants Bank Co. and Industrial and Commercial Bank of China Ltd. Shares of Boston Scientific, a U.S. medical device manufacturer, rose after the company settled a long-running legal dispute with Johnson & Johnson and continued to deliver strong earnings. Shares of both China Merchants Bank and Industrial and Commercial Bank of China strengthened as China’s government took steps to counter slowing economic growth.

Leading individual detractors from the Fund’s relative performance included overweight positions in Sand China Ltd., MEG Energy Corp and Baidu Inc. Shares of Sands China, a Macau casino operator, fell as the Chinese government’s effort to curb corruption reduced casino traffic among wealthy customers. Shares of MEG Energy, a Canadian energy company focused on the Alberta oils sands region, declined on global weakness in oil prices. Shares of Baidu, a Chinese Internet portal operator not held in the Benchmark, fell after the company reported lower-than-expected earnings and a weak forecast for 2015.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers combined a contrarian approach with bottom-up fundamental research to construct a global portfolio of what they believed were undervalued companies,

characterized by sustainability of earnings, strong free cash flow and the ability to increase earnings faster than their sector peers.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Citigroup, Inc. (United States)	3.2	%
	2.	Google, Inc., Class C (United States)	3.1
	3.	Twenty-First Century Fox, Inc., Class A (United States)	2.9
	4.	Baidu, Inc., ADR (China)	2.8
	5.	Johnson & Johnson (United States)	2.8
	6.	BG Group plc (United Kingdom)	2.8
	7.	Barclays plc (United Kingdom)	2.7
	8.	Sanofi (France)	2.4
	9.	MetLife, Inc. (United States)	2.4
	10.	Novartis AG (Switzerland)	2.4


PORTFOLIO COMPOSITION BY COUNTRY***
United States	49.1	%
United Kingdom	8.1
France	7.3
China	7.2
Switzerland	5.5
Canada	2.5
South Korea	2.4
Spain	2.2
Israel	2.0
Japan	1.9
Germany	1.6
Netherlands	1.2
Hong Kong	1.2
Ireland	1.0
Others (each less than 1.0%)	3.5
Short-Term Investment	3.3

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



14	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	November 30, 2011
Without Sales Charge			7.15	%		9.27	%		13.39	%		14.91	%
With Sales Charge**			1.54			3.55			11.36			13.11
CLASS C SHARES	November 30, 2011
Without CDSC			6.91			8.76			12.82			14.34
With CDSC***			5.91			7.76			12.82			14.34
CLASS R2 SHARES	November 30, 2011		7.03			8.99			13.09			14.62
CLASS R5 SHARES	November 30, 2011		7.40			9.80			13.91			15.43
CLASS R6 SHARES	November 30, 2011		7.45			9.85			13.96			15.49
SELECT CLASS SHARES	November 30, 2011		7.39			9.63			13.71			15.22

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/15)

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Unconstrained Equity Fund and the MSCI All Country World Index from November 30, 2011 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through January 5, 2015, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	15

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			7.36%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)			6.81%

Net Assets as of 4/30/2015 (In Thousands)			$2,809,702

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

The Fund’s security selection in the financials and energy sectors was a leading contributor to performance relative to the Benchmark during the six month reporting period. The Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Ping An Insurance Group Co., Cheung Kong Holdings Ltd. and China Overseas Land & Investment Ltd. Shares of Ping An Insurance Group Co., a Chinese insurer, and China Overseas Land, a Chinese real estate and investment company, rose amid China’s efforts to counter slowing economic growth. Shares of Cheung Kong, a Hong Kong property developer and conglomerate, rose on news that the company, along with its Hutchison Whampoa affiliate, was revamping its organizational structure to separate Chinese real estate activities from the rest of the business.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Sands China Ltd., Wynn Macau Ltd. and Komatsu Ltd. Shares of Sands China and Wynn Macau, both resort casino operators in Macau, came under pressure as the Chinese government’s effort to curb corruption reduced casino traffic among wealth customers. Shares of Komatsu, a Japanese construction equipment maker, declined as a pullback in mining company equipment purchases resulted in earnings weakness.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they

believed were attractively priced securities of well-managed companies with the potential to grow their earnings faster than their industry peers.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	BG Group plc (United Kingdom)	2.6	%
	2.	Novartis AG (Switzerland)	2.5
	3.	HSBC Holdings plc (United Kingdom)	2.3
	4.	Vodafone Group plc (United Kingdom)	2.2
	5.	Toyota Motor Corp. (Japan)	2.2
	6.	Roche Holding AG (Switzerland)	2.1
	7.	Sumitomo Mitsui Financial Group, Inc. (Japan)	2.0
	8.	CK Hutchison Holdings Ltd. (Hong Kong)	2.0
	9.	Nestle S.A. (Switzerland)	1.9
	10.	Japan Tobacco, Inc. (Japan)	1.9


PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	21.8	%
Japan	19.4
Switzerland	14.8
France	11.6
Germany	8.7
Netherlands	4.9
Hong Kong	4.4
China	3.0
South Korea	1.9
Australia	1.6
Belgium	1.5
Israel	1.0
Others (each less than 1.0%)	3.7
Short-Term Investment	1.7

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



16	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2002
Without Sales Charge			7.23	%		2.58	%		6.97	%		5.20	%
With Sales Charge**			1.63			(2.81	)		5.82			4.64
CLASS B SHARES	February 28, 2002
Without CDSC			6.98			2.02			6.43			4.73
With CDSC***			1.98			(2.98	)		6.12			4.73
CLASS C SHARES	January 31, 2003
Without CDSC			6.98			2.06			6.43			4.63
With CDSC****			5.98			1.06			6.43			4.63
CLASS R2 SHARES	November 3, 2008		7.08			2.31			6.68			5.02
CLASS R5 SHARES	May 15, 2006		7.49			3.00			7.45			5.64
CLASS R6 SHARES	November 3, 2010		7.51			3.11			7.49			5.67
SELECT CLASS SHARES	January 1, 1997		7.36			2.78			7.22			5.46

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/05 TO 4/30/15)

Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.

Returns for Class R5 Shares prior to its inception date are based on the performance of Select Class Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2005 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	17

JPMorgan International Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion. The Board of Trustees of the Fund has approved the automatic conversion of the Fund’s Class B Shares into

Class A Shares on June 19, 2015. On June 19, 2015, all Class B Shares of the Fund will automatically convert to Class A Shares of the Fund.



18	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Equity Income Fund¹

(formerly JPMorgan Global Equity Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			6.18%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)²			6.81%
Morgan Stanley Capital International (“MSCI”) All County World Index (net of foreign withholding taxes)			4.97%

Net Assets as of 4/30/2015 (In Thousands)			$98,925

INVESTMENT OBJECTIVE**

The JPMorgan International Equity Income Fund (the “Fund”) seeks to provide current income and long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

The Fund’s security selection in the health care and insurance sectors was a leading detractor from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection and underweight positions in the consumer non-durables and banks sectors was a leading positive contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Suncorp Group Ltd., Johnson & Johnson and Microsoft Corp. Shares of Suncorp Group, an Australian banking and insurance company, declined on investor worries about the company’s exposure to damage from cyclone Marcia. Shares of Johnson & Johnson, a U.S. diversified health care products company, weakened on investor concerns about increased competition for a number of its best selling products and the negative impact of a strong U.S. dollar relative to other companies. Shares of Microsoft, a U.S. provider of computer software and services, fell after the company reported disappointing sales for its Windows operating system and issued a cautious earnings forecast.

Leading individual contributors to relative performance included the Fund’s overweight positions in Man Group PLC, Japan Tobacco Inc. and Mitsubishi UFJ Financial Group. Shares of Man Group, a U.K. asset management company, rose on

investor expectations that the strong performance of its flagship investment fund would lead to an increase in assets under management. Shares of Japan Tobacco strengthened on investor expectations of an increased dividend payment. Shares of Mitsubishi UFJ Financial, a Japanese banking company, rose amid signs of improvement in the Japanese economy and the company’s plan to repurchase shares and increase its dividend payment.

HOW THE FUND WAS MANAGED?

Effective January 30, 2015, the Fund’s name was changed from “JPMorgan Global Equity Income Fund” and the Fund’s investment strategy was changed.

Effective January 30, 2015, the Fund’s primary benchmark changed from the MSCI All Country World Index (net of foreign withholding taxes) to the MSCI EAFE Index (net of foreign withholding taxes) to more closely align the Fund’s primary benchmark with its investment strategies.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	19

JPMorgan International Equity Income Fund

(formerly JPMorgan Global Equity Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Japan Tobacco, Inc. (Japan)	3.2	%
	2.	DNB ASA (Norway)	2.9
	3.	Toyota Motor Corp. (Japan)	2.8
	4.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.6
	5.	Nippon Telegraph & Telephone Corp. (Japan)	2.2
	6.	Accor S.A. (France)	2.0
	7.	ING Groep N.V., CVA (Netherlands)	2.0
	8.	Hitachi Ltd. (Japan)	1.9
	9.	Seven & I Holdings Co., Ltd. (Japan)	1.8
	10.	Telefonica S.A. (Spain)	1.8


PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	22.3	%
Japan	20.4
Germany	7.3
Switzerland	6.6
Australia	5.7
France	5.6
Netherlands	5.6
Israel	3.3
Norway	2.9
Spain	2.7
Finland	2.3
Taiwan	2.0
China	1.8
Sweden	1.8
Hong Kong	1.7
South Africa	1.2
South Korea	1.1
Italy	1.1
Others (each less than 1.0%)	1.7
Short-Term Investment	2.9

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



20	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	February 28, 2011
Without Sales Charge			6.00	%		5.25	%		11.27	%		6.92	%
With Sales Charge**			0.43			(0.26	)		9.28			5.54
CLASS C SHARES	February 28, 2011
Without CDSC			5.69			4.75			10.72			6.38
With CDSC***			4.69			3.75			10.72			6.38
CLASS R2 SHARES	February 28, 2011		5.86			4.97			10.97			6.63
CLASS R5 SHARES	February 28, 2011		6.24			5.73			11.76			7.39
CLASS R6 SHARES	January 30, 2015		6.13			5.61			11.72			7.36
SELECT CLASS SHARES	February 28, 2011		6.18			5.55			11.56			7.19

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (2/28/11 TO 4/30/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on February 28, 2011.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index, the MSCI All Country World Index and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index and the MSCI All Country World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The

MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	21

JPMorgan International Equity Income Fund

(formerly JPMorgan Global Equity Income Fund)

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)

information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)



22	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*			5.63%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)			6.81%

Net Assets as of 4/30/2015 (In Thousands)			$1,956,583

INVESTMENT OBJECTIVE**

The JPMorgan International Opportunities Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Institutional Class Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

By sector, the Fund’s security selection in the health care and transportation services & construction cyclical sectors was a leading detractor from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the industrial cyclical and banks sectors was a leading contributor to relative performance.

By region, the Fund’s security selection in North America detracted from relative performance, while security selection in Europe (excluding the U.K.) and emerging markets was a leading contributor to relative performance. Emerging markets are not represented in the Benchmark.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Sands China Ltd., Mazda Motor Corp. and First Quantum Minerals Ltd. Shares of Sands China, a Macau casino resort operator, declined as a Chinese government effort to curb corruptions reduced casino traffic among wealthy customers. Shares of Mazda, a Japanese automaker, declined on disappointing earnings. Shares of First Quantum, a Canadian mining company not held in the Benchmark, declined on weakness in global commodities prices.

Leading individual contributors to relative performance included the Fund’s overweight positions in Mitsubishi UFJ Financial Group Ltd., China Overseas Land & Investment Ltd. and DMG Mori Seiki Co. Shares of Mitsubishi UFJ Financial, a Japanese banking company, rose amid signs of an improving economy in Japan and the company’s plans to repurchase shares and increase its dividend. Shares of China Overseas Land, a Chinese real estate and investment company rose on Chinese government efforts to counter slowing growth. Shares of DMG Mori Seiki, a Japanese machinery manufacturer not held in the Benchmark, rose amid the corporate capital expenditure/replacement cycle in Japan and investor expectations that DMG’s acquisition of its German partner would generate significant benefits.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the security to realize its inherent value. In addition, the Fund employed futures and currency forwards to help manage cash flows and the Fund’s currency exposure.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	23

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Novartis AG (Switzerland)	3.2	%
	2.	Nestle S.A. (Switzerland)	3.0
	3.	Roche Holding AG (Switzerland)	2.9
	4.	Mitsubishi UFJ Financial Group, Inc. (Japan)	2.3
	5.	HSBC Holdings plc (United Kingdom)	2.2
	6.	Vodafone Group plc (United Kingdom)	2.1
	7.	Bayer AG (Germany)	2.0
	8.	Daimler AG (Germany)	1.8
	9.	Prudential plc (United Kingdom)	1.7
	10.	BG Group plc (United Kingdom)	1.7


PORTFOLIO COMPOSITION BY COUNTRY*
Japan	23.2	%
United Kingdom	22.2
Switzerland	13.5
France	8.4
Germany	7.9
Netherlands	4.4
Australia	4.0
Hong Kong	3.1
Italy	1.8
Norway	1.6
China	1.4
Ireland	1.2
Sweden	1.1
Finland	1.1
South Korea	1.0
Others (each less than 1.0%)	0.9
Short-Term Investment	3.2

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



24	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
Without Sales Charge			5.36	%		0.54	%		6.39	%		5.55	%
With Sales Charge**			(0.17	)		(4.74	)		5.25			4.98
CLASS B SHARES	September 10, 2001
Without CDSC			5.08			(0.02	)		5.86			5.13
With CDSC***			0.08			(5.02	)		5.54			5.13
CLASS C SHARES	July 31, 2007
Without CDSC			5.10			0.04			5.87			5.02
With CDSC****			4.10			(0.96	)		5.87			5.02
CLASS R6 SHARES	November 30, 2010		5.65			1.04			6.92			6.06
INSTITUTIONAL CLASS SHARES	February 26, 1997		5.63			0.96			6.84			6.02
SELECT CLASS SHARES	September 10, 2001		5.52			0.83			6.66			5.81

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/05 TO 4/30/15)

Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from April 30, 2005 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not

include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	25

JPMorgan International Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

the Fund has approved the automatic conversion of the Fund’s Class B Shares into Class A Shares on June 19, 2015. On June 19, 2015, all Class B Shares of the Fund will automatically convert to Class A Shares of the Fund.



26	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			6.23%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)			6.81%

Net Assets as of 4/30/2015 (In Thousands)			$810,771

INVESTMENT OBJECTIVE**

The JPMorgan International Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares underperformed the MSCI EAFE Index (net of foreign withholdings) (the “Benchmark”) for the six months ended April 30, 2015.

By sector, the Fund’s security selection in the utilities and basic industries sectors was a leading detractor from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the industrial cyclical and property sectors was a leading contributor to relative performance. By region, the Fund’s security selection in Japan and Europe was the largest contributor to relative performance. Due to the relatively large number of securities held by the Fund during the period, the impact of individual holdings on performance relative to the Benchmark tended to be small.

HOW WAS THE FUND POSITIONED?

Using the fundamental research conducted by JPMorgan’s team of analysts, the Fund’s managers implemented modestly overweight or underweight positions in, or did not hold, individual components of the Benchmark in an attempt to generate returns that modestly exceeded those of the Benchmark, while maintaining sector, geographic and risk characteristics similar to the Benchmark.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Nestle S.A. (Switzerland)	2.2	%
	2.	Toyota Motor Corp. (Japan)	1.9
	3.	Novartis AG (Switzerland)	1.6
	4.	Bayer AG (Germany)	1.4
	5.	Sanofi (France)	1.3
	6.	Roche Holding AG (Switzerland)	1.3
	7.	British American Tobacco plc (United Kingdom)	1.3
	8.	Novo Nordisk A/S, Class B (Denmark)	1.2
	9.	Royal Dutch Shell plc, Class A (Netherlands)	1.2
	10.	HSBC Holdings plc (United Kingdom)	1.1


PORTFOLIO COMPOSITION BY COUNTRY***
Japan	22.3	%
United Kingdom	19.1
France	10.9
Germany	9.5
Switzerland	8.2
Australia	5.6
Netherlands	4.1
Spain	2.8
Hong Kong	2.7
Italy	2.2
Denmark	2.2
Sweden	1.8
Finland	1.6
Ireland	1.2
Others (each less than 1.0%)	3.6
Short-Term Investment	2.2

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	27

JPMorgan International Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 23, 1993
Without Sales Charge			6.10	%		0.90	%		6.21	%		5.19	%
With Sales Charge**			0.53			(4.41	)		5.07			4.62
CLASS B SHARES	January 14, 1994
Without CDSC			5.87			0.36			5.56			4.59
With CDSC***			0.87			(4.64	)		5.23			4.59
CLASS C SHARES	November 4, 1997
Without CDSC			5.87			0.36			5.55			4.49
With CDSC****			4.87			(0.64	)		5.55			4.49
CLASS R2 SHARES	November 3, 2008		6.01			0.64			5.95			4.93
SELECT CLASS SHARES	October 28, 1992		6.23			1.11			6.47			5.45

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/05 TO 4/30/15)

Returns for Class R2 Shares prior to its inception date are based on the performance of Select Class Shares. Class R2 Shares performance has been adjusted to reflect the difference in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from April 30, 2005 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation

treaties. The performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



28	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

Class A Shares on June 19, 2015. On June 19, 2015, all Class B Shares of the Fund will automatically convert to Class A Shares of the Fund.

recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	29

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Select Class Shares)*			9.71%
Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)			5.56%

Net Assets as of 4/30/2015 (In Thousands)			$22,053

INVESTMENT OBJECTIVE**

The JPMorgan International Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Select Class Shares outperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

By sector, the Fund’s security selection in the financials and materials sectors was a leading contributor to performance relative to the Benchmark for the six months reporting period. The Fund’s security selection in the industrials and information technology sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in emerging markets and Continental Europe was a leading contributor to relative performance, while the Fund’s security selection in Canada and its underweight position in Japan were leading detractors from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Ping An Insurance Group Co., Accor SA and Cheung Kong Holdings Ltd. Shares of Ping An Insurance Group Co., a Chinese insurer, rose in line with other Chinese financial sector companies amid Chinese government efforts to counter slowing economic growth. Shares of Accor, a French hotel operator that derives the bulk of its revenue from Europe, rose on expectations that the company would benefit from European Central Bank efforts to stimulate economic growth along with the company’s own

efforts to increase revenue. Shares of Cheung Kong, a Hong Kong property developer and conglomerate, rose on news that the company, along with its Hutchison Whampoa affiliate, was revamping its organizational structure to separate Chinese real estate activities from the rest of the business.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Baidu Inc., Sands China Ltd. and MEG Energy Corp. Shares of Baidu, a Chinese Internet portal operator, fell after the company reported earnings and an earnings forecast below analysts’ estimates. Shares of Sands China, a developer-operator of resort casinos in Macau, fell as Chinese government efforts to quell corruption reduced casino traffic among wealthy customers. Shares of MEG Energy, a Canadian energy company focused on the Alberta oil sands region, fell on weakness in global oil prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on stock selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced stocks of well-managed companies with the potential to grow their earnings faster than their industry peers.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



30	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Baidu, Inc., ADR (China)	3.6	%
	2.	CK Hutchison Holdings Ltd. (Hong Kong)	3.0
	3.	Toronto-Dominion Bank (The) (Canada)	3.0
	4.	Barclays plc (United Kingdom)	3.0
	5.	Roche Holding AG (Switzerland)	2.9
	6.	Ping An Insurance Group Co. of China Ltd., Class H (China)	2.9
	7.	Accor S.A. (France)	2.9
	8.	Orange S.A. (France)	2.9
	9.	Akzo Nobel N.V. (Netherlands)	2.8
	10.	Japan Tobacco, Inc. (Japan)	2.7


PORTFOLIO COMPOSITION BY COUNTRY*
United Kingdom	16.4	%
France	12.5
Japan	12.3
Switzerland	12.1
Canada	6.9
China	6.6
Netherlands	4.8
India	4.0
Germany	3.3
Hong Kong	3.0
South Korea	2.5
Italy	2.2
South Africa	2.0
Taiwan	1.9
Ireland	1.9
Short-Term Investment	7.6

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	31

JPMorgan International Unconstrained Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES		November 30, 2011
Without Sales Charge				9.59	%		7.06	%		10.05	%		12.71	%
With Sales Charge**				3.84			1.46			8.08			10.95
CLASS C SHARES		November 30, 2011
Without CDSC				9.20			6.48			9.48			12.12
With CDSC***				8.20			5.48			9.48			12.12
CLASS R2 SHARES		November 30, 2011		9.39			6.80			9.76			12.42
CLASS R5 SHARES		November 30, 2011		9.78			7.54			10.53			13.21
CLASS R6 SHARES		November 30, 2011		9.83			7.59			10.60			13.27
SELECT CLASS SHARES		November 30, 2011		9.71			7.35			10.31			12.99

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (11/30/11 To 4/30/15)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on November 30, 2011.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S., and the Lipper International Large-Cap Core Funds Index from November 30, 2011 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and

emerging markets, excluding the United States. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Select Class Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



32	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*			3.70%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes)			5.35%

Net Assets as of 4/30/2015 (In Thousands)			$2,530,219

INVESTMENT OBJECTIVE**

The JPMorgan International Value Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Institutional Class Shares underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

By sector, the Fund’s security selection in the basic industries and the health care sectors was a leading detractor from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the banks sector and its underweight position and security selection in the energy sector were leading positive contributors to relative performance.

By region, the Fund’s security selection in Japan and Canada detracted from performance relative to the Benchmark, while the Fund’s security selection in Continental Europe and emerging markets made positive contributions to relative performance. Emerging markets were not represented in the Benchmark.

Leading individual detractors from relative performance included the Fund’s overweight positions in Hitachi Ltd., Mazda Motor Corp. and Sands China Ltd. Shares of both Hitachi, a Japanese diversified manufacturer of electronic equipment and infrastructure, and Mazda, a Japanese automaker not held in the Benchmark, came under pressure from disappointing earnings. Shares of Sands China, a Macau casino resort operator not held in the Benchmark, declined as a Chinese government effort to curb corruption reduced casino traffic among wealthy customers.

Leading individual contributors to the Fund’s relative performance included the Fund’s positions in Sony Corp., Mitsubishi UFJ Financial Group Inc. and Industrial and Commercial Bank of China Ltd. Shares of Sony, a Japanese entertainment and consumer electronics conglomerate not held in the Benchmark, rose on the company’s forecast of rising profit, driven by cost cutting and a shift away from consumer electronics into gaming, entertainment and sensors used in smart phones. Shares of Mitsubishi UFJ Financial, a Japanese banking company, rose amid signs of economic growth in Japan, and the company’s plans for share repurchases and an increase in its dividend. Shares of Industrial and Commercial Bank of China, which was not held in the Benchmark, strengthened amid China’s efforts to counter slowing economic growth.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive value investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the securities to realize its inherent value. In addition, the Fund employed futures and currency forwards to help manage cash flows and currency exposure.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	33

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


TOP TEN HOLDINGS OF THE PORTFOLIO*
	1.	Toyota Motor Corp. (Japan)	3.6	%
	2.	Mitsubishi UFJ Financial Group, Inc. (Japan)	3.4
	3.	Vodafone Group plc (United Kingdom)	2.9
	4.	TOTAL S.A. (France)	2.3
	5.	AXA S.A. (France)	2.1
	6.	BNP Paribas S.A. (France)	1.9
	7.	Australia & New Zealand Banking Group Ltd (Australia)	1.9
	8.	Prudential plc (United Kingdom)	1.9
	9.	Roche Holding AG (Switzerland)	1.8
	10.	Barclays plc (United Kingdom)	1.8


PORTFOLIO COMPOSITION BY COUNTRY*
Japan	23.3	%
United Kingdom	16.7
France	13.8
Germany	8.2
Switzerland	6.0
Italy	5.3
Netherlands	5.0
Australia	3.4
Spain	3.4
Belgium	2.1
Norway	1.9
Ireland	1.8
South Korea	1.6
Sweden	1.3
China	1.0
Luxembourg	1.0
Hong Kong	1.0
Others (each less than 1.0%)	3.0
Short-Term Investment	0.2

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



34	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
Without Sales Charge			3.50	%		(2.63	)%		5.58	%		5.31	%
With Sales Charge**			(1.91	)		(7.72	)		4.44			4.75
CLASS B SHARES	September 28, 2001
Without CDSC			3.26			(3.10	)		5.05			4.89
With CDSC***			(1.74	)		(8.10	)		4.72			4.89
CLASS C SHARES	July 11, 2006
Without CDSC			3.25			(3.17	)		5.05			4.79
With CDSC****			2.25			(4.17	)		5.05			4.79
CLASS R2 SHARES	November 3, 2008		3.32			(2.95	)		5.30			5.13
CLASS R6 SHARES	November 30, 2010		3.82			(2.08	)		6.11			5.81
INSTITUTIONAL CLASS SHARES	November 4, 1993		3.70			(2.27	)		6.00			5.75
SELECT CLASS SHARES	September 10, 2001		3.67			(2.40	)		5.83			5.58

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter.

****

Assumes a 1% CDSC for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/05 To 4/30/15)

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from April 30, 2005 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	35

JPMorgan International Value Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)

Institutional Class Shares have a $3,000,000 minimum initial investment.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



36	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Institutional Class Shares)*			6.58%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)			6.81%

Net Assets as of 4/30/2015 (In Thousands)			$1,945,178

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid International Fund (the “Fund”) seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Institutional Class Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2015.

The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth and value characteristics) would be the primary drivers of returns.

During the reporting period, securities exhibiting the growth characteristics targeted by the Fund (high earnings momentum and high medium-term price momentum) generally outperformed the broader market. The Fund’s value analysis yielded mixed results. During the six month reporting period, securities with low price-to-earnings ratios slightly outperformed the broader equity market but securities with low price-to-book ratios underperformed the broader market. Price-to-earnings ratio is the price of a share divided by per share earnings for a 12-month period. Price-to-book ratio is the current closing price of a share divided by the book value per share for the most recent quarter.

The Fund’s security selection in the information technology and health care sectors was a leading detractor from performance

relative to the Benchmark for the six month reporting period. The Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to relative performance.

The Fund targeted collections of companies that exhibited specific growth and/or value characteristics during the period. The Fund held a range of 150 to 250 securities during the period. Consequently, the impact of any individual security on the Fund’s overall performance tended to be small.

HOW WAS THE FUND POSITIONED?

The Fund’s strategy was rooted in the notion that investor behavior is influenced by human emotion and this influence gives rise to persistent growth and value anomalies within the market. During the reporting period, the Fund’s portfolio managers sought to exploit these anomalies by utilizing a series of style screens designed to identify securities with attractive growth and/or value characteristics, targeting names that they believed possessed high earnings momentum, strong price momentum, low price-to-book ratios and low price-to-earnings ratios.

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	37

JPMorgan Intrepid International Fund

FUND COMMENTARY

SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*
	1.	Novartis AG (Switzerland)	2.1	%
	2.	Royal Dutch Shell plc, Class B (Netherlands)	1.9
	3.	Toyota Motor Corp. (Japan)	1.7
	4.	Nestle S.A. (Switzerland)	1.4
	5.	BP plc (United Kingdom)	1.3
	6.	Sanofi (France)	1.3
	7.	Roche Holding AG (Switzerland)	1.3
	8.	Bayer AG (Germany)	1.2
	9.	TOTAL S.A. (France)	1.2
	10.	Anheuser-Busch InBev N.V. (Belgium)	1.1


PORTFOLIO COMPOSITION BY COUNTRY*
Japan	22.4	%
United Kingdom	18.2
France	10.3
Germany	8.8
Switzerland	8.1
Australia	6.6
Netherlands	3.7
Spain	3.2
Sweden	2.2
Belgium	2.0
Hong Kong	2.0
Ireland	2.0
Italy	1.6
Denmark	1.5
Others (each less than 1.0%)	5.7
Short-Term Investment	1.7

Percentages indicated are based on total investments as of April 30, 2015. The Fund’s portfolio composition is subject to change.



38	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2015

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
Without Sales Charge			6.32	%		1.77	%		7.42	%		4.76	%
With Sales Charge**			0.73			(3.58	)		6.26			4.20
CLASS C SHARES	February 28, 2006
Without CDSC			6.05			1.20			6.87			4.28
With CDSC***			5.05			0.20			6.87			4.28
CLASS R2 SHARES	November 3, 2008		6.18			1.46			7.15			4.59
INSTITUTIONAL CLASS SHARES	April 30, 2001		6.58			2.27			7.96			5.29
SELECT CLASS SHARES	February 28, 2006		6.46			1.97			7.68			5.05

Not annualized.

Sales Charge for Class A Shares is 5.25%.

***

Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (4/30/05 TO 4/30/15)

Returns for Class C and Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class C and Class R2 Shares would have been lower than those shown because Class C and Class R2 Shares have higher expenses than Class A Shares.

Returns for Select Class Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns for Select Class Shares would have been lower than those shown because Select Class Shares have higher expenses than Institutional Class Shares.

The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from April 30, 2005 to April 30, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The

performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.

Institutional Class Shares have a $3,000,000 minimum initial investment.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	39

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 97.7%
		Brazil — 6.2%
	836	Banco Bradesco S.A., ADR		8,938
	1,087	Banco do Brasil S.A.		9,447
	959	Cia Energetica de Minas Gerais, ADR		4,720
	828	Embraer S.A.		6,466
	679	Itau Unibanco Holding S.A. (Preference Shares), ADR		8,702
	787	JBS S.A.		4,012
	1,684	Kroton Educacional S.A.		6,183
	228	Smiles S.A.		3,921

				52,389

		China — 24.9%
	658	AAC Technologies Holdings, Inc.		3,471
	2,036	Air China Ltd., Class H		2,456
	1,600	ANTA Sports Products Ltd.		3,526
	18	Baidu, Inc., ADR (a)		3,669
	22,919	Bank of China Ltd., Class H		15,704
	1,913	BYD Electronic International Co., Ltd.		2,881
	12,829	China CITIC Bank Corp., Ltd., Class H		11,634
	10,468	China Construction Bank Corp., Class H		10,162
	13,840	China Everbright Bank Co., Ltd., Class H		9,377
	4,445	China Merchants Bank Co., Ltd., Class H		13,343
	5,138	China Minsheng Banking Corp., Ltd., Class H		7,502
	2,646	China Southern Airlines Co., Ltd., Class H		2,600
	12,552	China Telecom Corp., Ltd., Class H		9,298
	5,844	CNOOC Ltd.		9,965
	8,420	Geely Automobile Holdings Ltd.		4,737
	15,216	GOME Electrical Appliances Holdings Ltd.		3,898
	1,272	Great Wall Motor Co., Ltd., Class H		9,647
	7,026	Huadian Power International Corp., Ltd., Class H		7,779
	5,432	Huaneng Power International, Inc., Class H		7,704
	11,138	Industrial & Commercial Bank of China Ltd., Class H		9,662
	5,739	Jintian Pharmaceutical Group Ltd.		3,054
	5,880	Lenovo Group Ltd.		10,111
	74	NetEase, Inc., ADR		9,528
	3,474	Shanghai Electric Group Co., Ltd., Class H		3,542
	3,194	Shenzhen Expressway Co., Ltd., Class H		3,047
	1,532	Sinopharm Group Co., Ltd., Class H		7,277
	3,857	Sinotrans Ltd., Class H		2,952
	1,185	Sunny Optical Technology Group Co., Ltd.		2,637
	2,110	TCL Communication Technology Holdings Ltd.		2,246
	377	Tencent Holdings Ltd.		7,785
	1,514	Weichai Power Co., Ltd., Class H		5,999
	1,840	Zhejiang Expressway Co., Ltd., Class H		2,922

				210,115


SHARES		SECURITY DESCRIPTION	VALUE($)


		Egypt — 0.3%
	342	Commercial International Bank Egypt SAE, GDR		2,358

		Hong Kong — 4.7%
	6,533	Belle International Holdings Ltd.		8,385
	576	China Mobile Ltd.		8,220
	1,127	China Singyes Solar Technologies Holdings Ltd. (a)		1,846
	7,042	China Travel International Investment Hong Kong Ltd.		3,137
	3,574	China Unicom Hong Kong Ltd. (a)		6,712
	34,875	REXLot Holdings Ltd.		2,597
	1,767	Shenzhen International Holdings Ltd.		3,321
	4,384	Skyworth Digital Holdings Ltd.		3,906
	3,714	Truly International Holdings Ltd.		1,754

				39,878

		India — 6.3%
	1,144	Apollo Tyres Ltd.		3,116
	189	Bharat Petroleum Corp., Ltd.		2,273
	670	Canara Bank		3,983
	495	HCL Technologies Ltd.		6,856
	475	Hexaware Technologies Ltd.		2,101
	378	Hindustan Petroleum Corp., Ltd.		3,712
	348	Housing Development Finance Corp., Ltd. (m)		6,407
	666	IRB Infrastructure Developers Ltd.		2,444
	853	Power Finance Corp., Ltd.		3,559
	714	Rural Electrification Corp., Ltd.		3,499
	1,278	Sintex Industries Ltd.		2,225
	193	Tata Motors Ltd., ADR		7,935
	230	Tech Mahindra Ltd.		2,254
	132	Wockhardt Ltd.		2,652

				53,016

		Indonesia — 1.0%
	9,047	Bank Negara Indonesia Persero Tbk PT		4,465
	18,786	Telekomunikasi Indonesia Persero Tbk PT (m)		3,778

				8,243

		Netherlands — 0.1%
	200	VimpelCom Ltd., ADR		1,132

		Poland — 0.8%
	377	Energa S.A.		2,614
	745	PGE Polska Grupa Energetyczna S.A.		4,285

				6,899

		Qatar — 0.2%
	78	Gulf International Services QSC		1,901

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Russia — 5.9%
	2,124	Alrosa AO		2,823
	215	CTC Media, Inc.		750
	163	Lukoil OAO, ADR		8,353
	272	MegaFon OAO, Reg. S, GDR		4,632
	99	MMC Norilsk Nickel OJSC, ADR		1,831
	360	MMC Norilsk Nickel OJSC, ADR		6,778
	531	Mobile TeleSystems OJSC, ADR		6,409
	794	Moscow Exchange MICEX-RTS OAO		1,184
	1,309	Sberbank of Russia, ADR		7,771
	218	Severstal PAO, Reg. S, GDR		2,411
	10	Tatneft OAO, ADR		343	��
	198	Tatneft OAO, ADR		6,789

				50,074

		South Africa — 3.7%
	211	Bidvest Group Ltd. (The)		5,725
	211	Mr Price Group Ltd.		4,502
	1,979	Netcare Ltd.		6,923
	1,486	Steinhoff International Holdings Ltd.		9,429
	648	Telkom S.A. SOC Ltd. (a)		4,452

				31,031

		South Korea — 19.6%
	5	AMOREPACIFIC Group (i) (m)		7,162
	265	BNK Financial Group, Inc.		3,954
	8	CJ CheilJedang Corp.		2,991
	25	Com2uSCorp (a)		4,236
	82	Coway Co., Ltd.		6,925
	53	Daesang Corp.		2,306
	222	DGB Financial Group, Inc.		2,501
	15	GS Home Shopping, Inc.		3,370
	71	Halla Visteon Climate Control Corp.		2,661
	125	Hankook Tire Co., Ltd.		5,249
	44	Hansae Co., Ltd.		1,679
	68	Hyundai Development Co-Engineering & Construction		3,593
	36	Hyundai Mobis Co., Ltd. (m)		7,977
	475	Industrial Bank of Korea		6,530
	35	KEPCO Plant Service & Engineering Co., Ltd.		3,221
	91	KH Vatec Co., Ltd.		1,842
	154	Kia Motors Corp.		7,091
	182	Korea Electric Power Corp. (m)		7,919
	16	Korea Zinc Co., Ltd.		7,072
	106	KT&G Corp.		9,437
	15	LG Hausys Ltd.		2,324
	48	LG Innotek Co., Ltd.		4,501
	54	LS Corp.		2,713


SHARES		SECURITY DESCRIPTION	VALUE($)


		South Korea — continued
	25	Mando Corp.		3,503
	34	Naturalendo Tech Co., Ltd. (a)		1,088
	23	NCSoft Corp.		4,374
	147	Partron Co., Ltd.		1,539
	8	Samsung Electronics Co., Ltd. (m)		10,476
	72	Seah Besteel Corp.		2,457
	31	SK C&C Co., Ltd.		7,311
	43	SK Holdings Co., Ltd. (m)		7,401
	198	SK Hynix, Inc.		8,475
	33	SK Telecom Co., Ltd. (m)		8,784
	195	Wonik IPS Co., Ltd. (a)		2,181

				164,843

		Taiwan — 12.7%
	6,111	Advanced Semiconductor Engineering, Inc.		8,666
	614	Asustek Computer, Inc.		6,505
	868	Catcher Technology Co., Ltd.		10,157
	1,020	Chicony Electronics Co., Ltd.		2,932
	1,281	Chipbond Technology Corp.		2,768
	5,769	Compeq Manufacturing Co., Ltd.		3,652
	4,522	Fubon Financial Holding Co., Ltd.		9,725
	2,602	Hon Hai Precision Industry Co., Ltd.		7,797
	7,946	Innolux Corp.		4,099
	4,610	Inotera Memories, Inc. (a)		5,294
	2,748	Pegatron Corp.		8,141
	1,946	Pou Chen Corp.		2,727
	1,433	Radiant Opto-Electronics Corp.		4,712
	1,184	Realtek Semiconductor Corp.		3,687
	1,833	Taiwan Paiho Ltd.		4,977
	391	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		9,547
	2,611	Vanguard International Semiconductor Corp.		4,010
	3,538	Wan Hai Lines Ltd.		3,923
	1,180	Zhen Ding Technology Holding Ltd.		4,108

				107,427

		Thailand — 5.5%
	264	Airports of Thailand PCL, NVDR		2,315
	1,128	Kasikornbank PCL, NVDR		7,157
	11,676	Krung Thai Bank PCL, NVDR		7,065
	2,450	Pruksa Real Estate PCL, NVDR		2,036
	755	PTT PCL, NVDR		8,138
	22,524	Quality Houses PCL, NVDR		2,111
	3,743	Samart Corp. PCL, NVDR		3,389
	1,377	Siam Commercial Bank PCL (The)		6,625
	42	Siam Commercial Bank PCL (The), NVDR		203
	3,363	Supalai PCL, NVDR		2,032

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	41

JPMorgan Emerging Economies Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Thailand — continued
	8,736	Thai Union Frozen Products PCL, NVDR		5,407

				46,478

		Turkey — 5.0%
	3,912	Eregli Demir ve Celik Fabrikalari TAS		6,601
	1,671	KOC Holding A.S. (m)		7,904
	342	TAV Havalimanlari Holding A.S. (a)		3,007
	480	Tofas Turk Otomobil Fabrikasi A.S.		2,944
	2,085	Trakya Cam Sanayi A.S.		2,510
	195	Tupras Turkiye Petrol Rafinerileri A.S. (a)		4,725
	1,782	Turk Hava Yollari AO (a) (m)		5,912
	806	Turkiye Halk Bankasi A.S.		4,084
	1,766	Turkiye Is Bankasi, Class C		3,971

				41,658

		United Arab Emirates — 0.8%
	6,953	Air Arabia PJSC		3,086
	1,992	Dubai Islamic Bank PJSC		3,737

				6,823

		Total Common Stocks (Cost $713,601)		824,265

	Preferred Stocks — 0.6%
		Brazil — 0.2%
	319	Banco do Estado do Rio Grande do Sul S.A., Class B		1,202

		Russia — 0.4%
	4,855	Surgutneftegas OAO		3,660

		Total Preferred Stocks (Cost $6,199)		4,862

	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	10,500	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $10,500)		10,500

		Total Investments — 99.5% (Cost $730,300)		839,627
		Other Assets in Excess of Liabilities — 0.5%		4,220

		NET ASSETS — 100.0%	$	843,847

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		20.3	%
Technology Hardware, Storage & Peripherals		6.0
Semiconductors & Semiconductor Equipment		5.9
Oil, Gas & Consumable Fuels		5.7
Electronic Equipment, Instruments & Components		4.6
Automobiles		3.9
Metals & Mining		3.6
Wireless Telecommunication Services		3.5
Diversified Telecommunication Services		2.9
Auto Components		2.7
Textiles, Apparel & Luxury Goods		2.5
Industrial Conglomerates		2.5
Internet Software & Services		2.5
Household Durables		2.4
Electric Utilities		2.3
IT Services		2.2
Diversified Financial Services		2.1
Health Care Providers & Services		2.1
Independent Power & Renewable Electricity Producers		1.8
Food Products		1.8
Transportation Infrastructure		1.7
Airlines		1.7
Tobacco		1.1
Software		1.0
Specialty Retail		1.0
Others (each less than 1.0%)		10.9
Short-Term Investment		1.3

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 98.7%
		Australia — 1.3%
	4,133	Oil Search Ltd.		26,236

		Brazil — 8.6%
	3,352	AMBEV S.A., ADR		21,220
	2,732	BB Seguridade Participacoes S.A.		31,498
	5,859	CCR S.A.		32,183
	1,053	Cielo S.A.		14,490
	1,394	Itau Unibanco Holding S.A. (Preference Shares), ADR		17,869
	685	Lojas Renner S.A.		23,926
	845	Marcopolo S.A.		643
	1,201	Ultrapar Participacoes S.A.		27,491
	1,890	WEG S.A.		10,113

				179,433

		China — 9.0%
	119	Alibaba Group Holding Ltd., ADR (a)		9,673
	203	Baidu, Inc., ADR (a)		40,691
	11,666	CNOOC Ltd.		19,893
	25,470	Geely Automobile Holdings Ltd.		14,328
	641	JD.com, Inc., ADR (a)		21,522
	17,106	Sun Art Retail Group Ltd.		17,634
	2,710	Tencent Holdings Ltd.		55,938
	1,198	Tsingtao Brewery Co., Ltd., Class H		7,611

				187,290

		Cyprus — 0.3%
	1,183	Globaltrans Investment plc, Reg. S, GDR (a)		5,856

		Hong Kong — 6.3%
	11,311	AIA Group Ltd.		75,225
	3	Jardine Matheson Holdings Ltd.		197
	351	Jardine Matheson Holdings Ltd.		21,698
	8,504	Sands China Ltd.		34,664

				131,784

		India — 16.6%
	276	ACC Ltd.		6,221
	1,630	Ambuja Cements Ltd.		5,954
	986	Asian Paints Ltd.		11,831
	780	HDFC Bank Ltd., ADR		44,361
	3,252	Housing Development Finance Corp., Ltd		59,822
	1,143	Infosys Ltd., ADR		35,398
	7,766	ITC Ltd.		39,413
	1,024	Kotak Mahindra Bank Ltd.		21,454
	1,090	Lupin Ltd.		30,379
	717	Mahindra & Mahindra Ltd.		12,902
	1,493	Tata Consultancy Services Ltd.		57,918
	516	Tata Motors Ltd., ADR		21,270

				346,923


SHARES		SECURITY DESCRIPTION	VALUE($)


		Indonesia — 3.4%
	49,071	Astra International Tbk PT		25,823
	16,427	Bank Central Asia Tbk PT		17,008
	32,473	Bank Rakyat Indonesia Persero Tbk PT		28,992

				71,823

		Mexico — 2.3%
	8,786	Fibra Uno Administracion S.A. de C.V.		21,921
	2,516	Infraestructura Energetica Nova S.A.B. de C.V.		14,642
	4,149	Mexichem S.A.B. de C.V.		11,884

				48,447

		Panama — 1.4%
	262	Copa Holdings S.A., Class A		29,097

		Peru — 1.5%
	202	Credicorp Ltd.		30,762

		Russia — 6.9%
	666	Lukoil OAO, ADR		34,094
	111	Magnit PJSC		24,343
	333	Magnit PJSC, Reg. S, GDR		18,277
	543	Mail.ru Group Ltd., Reg. S, GDR (a)		12,945
	4,269	Mobile Telesystems OJSC		21,859
	22,305	Sberbank of Russia		33,219

				144,737

		South Africa — 18.1%
	803	Aspen Pharmacare Holdings Ltd. (a)		24,420
	1,700	Bidvest Group Ltd. (The)		46,064
	353	Capitec Bank Holdings Ltd.		16,614
	6,887	FirstRand Ltd.		32,898
	600	Imperial Holdings Ltd.		10,045
	7,046	Life Healthcare Group Holdings Ltd.		24,198
	1,268	Mr Price Group Ltd.		27,077
	2,091	MTN Group Ltd.		41,989
	145	Naspers Ltd., Class N		22,789
	1,977	Remgro Ltd.		43,921
	4,016	Sanlam Ltd.		25,973
	1,565	Shoprite Holdings Ltd.		22,397
	5,288	Woolworths Holdings Ltd.		39,783

				378,168

		South Korea — 4.0%
	149	Hyundai Motor Co.		23,371
	612	Kia Motors Corp.		28,190
	25	Samsung Electronics Co., Ltd.		32,488

				84,049

		Switzerland — 0.8%
	303	Luxoft Holding, Inc. (a)		15,727

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	43

JPMorgan Emerging Markets Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Taiwan — 8.0%
	4,586	Delta Electronics, Inc.		27,596
	1,617	MediaTek, Inc.		20,785
	3,483	President Chain Store Corp.		25,775
	16,173	Siliconware Precision Industries Co., Ltd.		26,569
	2,703	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		66,070

				166,795

		Thailand — 5.5%
	3,145	Advanced Info Service PCL, NVDR		22,825
	3,647	Kasikornbank PCL, NVDR		23,139
	1,575	Siam Cement PCL (The), NVDR		25,631
	4,255	Siam Commercial Bank PCL (The)		20,476
	8,677	Total Access Communication PCL, NVDR		22,793

				114,864

		Turkey — 2.5%
	771	Ford Otomotiv Sanayi A.S.		9,532
	5,036	KOC Holding A.S.		23,820
	6,242	Turkiye Garanti Bankasi A.S.		19,862

				53,214

		United Kingdom — 2.2%
	776	Anglo American plc		13,143
	617	SABMiller plc		32,686

				45,829

		Total Common Stocks (Cost $1,741,316)		2,061,034

	Preferred Stocks — 0.8%
		Brazil — 0.8%
	954	Itau Unibanco Holding S.A.		12,216
	5,960	Marcopolo S.A.		5,460

		Total Preferred Stocks (Cost $18,230)		17,676

	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	22,701	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $22,701)		22,701

		Total Investments — 100.6% (Cost $1,782,247)		2,101,411
		Liabilities in Excess of Other Assets — (0.6)%		(12,935	)

		NET ASSETS — 100.0%	$	2,088,476

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		13.6	%
Automobiles		6.4
Insurance		6.3
IT Services		5.9
Internet Software & Services		5.7
Semiconductors & Semiconductor Equipment		5.4
Wireless Telecommunication Services		5.2
Food & Staples Retailing		5.2
Oil, Gas & Consumable Fuels		5.1
Industrial Conglomerates		4.4
Diversified Financial Services		3.7
Multiline Retail		3.0
Beverages		2.9
Thrifts & Mortgage Finance		2.8
Pharmaceuticals		2.6
Tobacco		1.9
Construction Materials		1.8
Hotels, Restaurants & Leisure		1.6
Technology Hardware, Storage & Peripherals		1.5
Transportation Infrastructure		1.5
Airlines		1.4
Electronic Equipment, Instruments & Components		1.3
Specialty Retail		1.3
Health Care Providers & Services		1.2
Chemicals		1.1
Media		1.1
Real Estate Investment Trusts (REITs)		1.0
Internet & Catalog Retail		1.0
Others (each less than 1.0%)		3.0
Short-Term Investment		1.1

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 93.4%
			Brazil — 9.8%
	9		AMBEV S.A., ADR		60
	4		Banco Bradesco S.A., ADR		43
	6		Banco do Brasil S.A.		51
	8		CCR S.A.		46
	6		Cia Energetica de Minas Gerais, ADR		30
	1		Embraer S.A., ADR		36
	4		Tractebel Energia S.A.		44

					310

			Chile — 1.8%
	3		Banco Santander Chile, ADR		59

			China — 10.1%
	101		Bank of China Ltd., Class H		69
	78		China Construction Bank Corp., Class H		76
	20		China Shenhua Energy Co., Ltd., Class H		52
	83		Industrial & Commercial Bank of China Ltd., Class H		72
	14		MGM China Holdings Ltd.		26
	13		Wynn Macau Ltd.		27

					322

			Hong Kong — 7.8%
	5		China Mobile Ltd.		72
	18		China Resources Power Holdings Co., Ltd.		54
	3		Hang Seng Bank Ltd. (m)		49
	12		Sands China Ltd.		47
	2		VTech Holdings Ltd.		25

					247

			Hungary — 1.4%
	2		OTP Bank plc		45

			Indonesia — 1.6%
	9		Indo Tambangraya Megah Tbk PT		9
	202		Telekomunikasi Indonesia Persero Tbk PT		41

					50

			Mexico — 2.0%
	28		Kimberly-Clark de Mexico S.A.B. de C.V., Class A (m)		63

			Poland — 1.7%
	—	(h)	Powszechny Zaklad Ubezpieczen S.A.		53

			Russia — 6.6%
	1		Lukoil OAO, ADR		63
	1		MegaFon OAO, Reg. S, GDR		25
	3		MMC Norilsk Nickel OJSC, ADR		55
	3		Mobile Telesystems OJSC, ADR		40
	2		Severstal PAO, Reg. S, GDR		25

					208


SHARES		SECURITY DESCRIPTION	VALUE($)


		Singapore — 1.4%
	64	Hutchison Port Holdings Trust, Class U		43

		South Africa — 12.5%
	7	AVI Ltd.		45
	4	Barclays Africa Group Ltd. (m)		62
	2	Bidvest Group Ltd. (The)		65
	4	Imperial Holdings Ltd.		59
	18	Life Healthcare Group Holdings Ltd.		61
	11	MMI Holdings Ltd.		32
	4	MTN Group Ltd.		72

				396

		South Korea — 5.5%
	2	Kangwon Land, Inc.		55
	1	KT&G Corp.		62
	2	SK Telecom Co., Ltd., ADR		57

				174

		Taiwan — 21.0%
	4	Asustek Computer, Inc.		42
	21	Cheng Shin Rubber Industry Co., Ltd.		50
	6	Chicony Electronics Co., Ltd.		17
	10	Delta Electronics, Inc.		60
	10	Far EasTone Telecommunications Co., Ltd.		24
	5	MediaTek, Inc.		64
	4	Novatek Microelectronics Corp.		21
	6	President Chain Store Corp.		44
	19	Quanta Computer, Inc.		48
	11	Radiant Opto-Electronics Corp.		36
	40	Siliconware Precision Industries Co., Ltd. (m)		66
	4	Simplo Technology Co., Ltd.		20
	16	Taiwan Mobile Co., Ltd.		56
	3	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		73
	8	Tripod Technology Corp.		16
	20	Vanguard International Semiconductor Corp.		31

				668

		Thailand — 4.1%
	9	Advanced Info Service PCL		62
	4	Siam Cement PCL (The), NVDR		68

				130

		Turkey — 4.9%
	6	Arcelik A.S.		30
	12	Eregli Demir ve Celik Fabrikalari TAS		21
	6	Tofas Turk Otomobil Fabrikasi A.S.		39
	15	Turk Telekomunikasyon A.S.		41
	6	Turkcell Iletisim Hizmetleri A.S.		26

				157

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	45

JPMorgan Emerging Markets Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Arab Emirates — 1.2%
	9	First Gulf Bank PJSC		39

		Total Common Stocks (Cost $2,837)		2,964


NUMBER OF WARRANTS
	Warrants — 2.2%
		Saudi Arabia — 2.2%
	3	Al Rajhi Bank, expiring 08/22/16 (Strike Price $1.00) (a)		51
	1	Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a)		19

		Total Warrants (Cost $57)		70

		Total Investments — 95.6% (Cost $2,894)		3,034
		Other Assets in Excess of Liabilities — 4.4%		141

		NET ASSETS — 100.0%	$	3,175

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		20.2	%
Wireless Telecommunication Services		14.3
Semiconductors & Semiconductor Equipment		9.6
Hotels, Restaurants & Leisure		5.1
Oil, Gas & Consumable Fuels		4.1
Technology Hardware, Storage & Peripherals		3.5
Metals & Mining		3.3
Independent Power & Renewable Electricity Producers		3.2
Electronic Equipment, Instruments & Components		3.2
Transportation Infrastructure		3.0
Construction Materials		2.9
Insurance		2.8
Diversified Telecommunication Services		2.7
Industrial Conglomerates		2.1
Household Products		2.1
Tobacco		2.0
Health Care Providers & Services		2.0
Beverages		2.0
Distributors		1.9
Auto Components		1.7
Food Products		1.5
Food & Staples Retailing		1.5
Automobiles		1.3
Aerospace & Defense		1.2
Electric Utilities		1.0
Household Durables		1.0
Others (each less than 1.0%)		0.8

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 95.8%
		Australia — 2.5%
	212	AGL Energy Ltd.		2,548
	1,054	Alumina Ltd.		1,278
	305	Amcor Ltd.		3,244
	351	AMP Ltd.		1,780
	410	Asciano Ltd.		2,128
	385	Aurizon Holdings Ltd.		1,469
	476	Australia & New Zealand Banking Group Ltd.		12,746
	102	Bank of Queensland Ltd.		1,047
	510	BHP Billiton Ltd.		13,023
	526	BHP Billiton plc		12,643
	116	Brambles Ltd.		986
	17	Caltex Australia Ltd.		480
	143	Coca-Cola Amatil Ltd.		1,158
	16	Cochlear Ltd.		1,051
	246	Commonwealth Bank of Australia		17,243
	137	Computershare Ltd.		1,331
	8	Crown Resorts Ltd.		77
	92	CSL Ltd.		6,579
	350	Dexus Property Group		2,031
	838	Federation Centres Ltd.		1,948
	478	Goodman Group		2,345
	436	Insurance Australia Group Ltd.		2,000
	155	Lend Lease Group		1,964
	57	Macquarie Group Ltd.		3,477
	1,556	Mirvac Group		2,465
	340	National Australia Bank Ltd.		9,857
	147	Newcrest Mining Ltd. (a)		1,644
	81	Orica Ltd.		1,281
	193	Origin Energy Ltd.		1,925
	486	Qantas Airways Ltd. (a)		1,300
	208	QBE Insurance Group Ltd.		2,240
	40	Ramsay Health Care Ltd.		1,993
	18	REA Group Ltd.		657
	144	Santos Ltd.		937
	633	Scentre Group		1,865
	7	Seek Ltd.		90
	146	Stockland		512
	325	Suncorp Group Ltd.		3,365
	122	Sydney Airport		517
	472	Tabcorp Holdings Ltd.		1,814
	669	Telstra Corp., Ltd.		3,289
	110	Toll Holdings Ltd.		777
	459	Transurban Group		3,588
	133	Wesfarmers Ltd.		4,571
	192	Westfield Corp.		1,427


SHARES			SECURITY DESCRIPTION	VALUE($)


			Australia — continued
	515		Westpac Banking Corp.		14,809
	125		Woodside Petroleum Ltd.		3,460
	257		Woolworths Ltd.		5,967

					164,926

			Austria — 0.0% (g)
	—	(h)	Telekom Austria AG		—	(h)

			Belgium — 0.7%
	111		Anheuser-Busch InBev N.V.		13,543
	154		Delhaize Group S.A.		12,434
	115		KBC Groep N.V. (a)		7,552
	78		Solvay S.A.		11,534

					45,063

			Canada — 3.6%
	35		Agnico-Eagle Mines Ltd.		1,071
	33		Agrium, Inc.		3,434
	82		Alimentation Couche-Tard, Inc., Class B		3,128
	61		ARC Resources Ltd.		1,241
	134		Bank of Montreal		8,723
	238		Bank of Nova Scotia (The)		13,149
	215		Barrick Gold Corp.		2,794
	52		BCE, Inc.		2,304
	254		Bombardier, Inc., Class B		513
	115		Brookfield Asset Management, Inc., Class A		6,192
	83		Cameco Corp.		1,460
	84		Canadian Imperial Bank of Commerce		6,783
	179		Canadian National Railway Co.		11,584
	226		Canadian Natural Resources Ltd.		7,522
	98		Canadian Oil Sands Ltd.		1,061
	44		Canadian Pacific Railway Ltd.		8,283
	74		Canadian Pacific Railway Ltd.		14,158
	157		Cenovus Energy, Inc.		2,963
	73		Crescent Point Energy Corp.		1,894
	144		Eldorado Gold Corp.		717
	155		Enbridge, Inc.		8,122
	152		Encana Corp.		2,162
	75		First Quantum Minerals Ltd.		1,152
	39		Fortis, Inc.		1,257
	31		Franco-Nevada Corp.		1,591
	172		Goldcorp, Inc.		3,241
	59		Great-West Lifeco, Inc.		1,804
	69		Husky Energy, Inc.		1,548
	63		Imperial Oil Ltd.		2,762
	27		Intact Financial Corp.		2,090
	207		Kinross Gold Corp. (a)		503

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	47

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	��	VALUE($)

	Common Stocks — continued
			Canada — continued
	55		Loblaw Cos. Ltd.			2,790
	48		lululemon athletica, Inc. (a)			3,028
	54		Magna International, Inc.			2,705
	91		Magna International, Inc.			4,584
	374		Manulife Financial Corp.			6,812
	60		Metro, Inc.			1,747
	68		National Bank of Canada			2,734
	61		Pembina Pipeline Corp.			2,115
	176		Potash Corp. of Saskatchewan, Inc.			5,737
	71		Power Corp. of Canada			1,958
	50		Power Financial Corp.			1,558
	79		Rogers Communications, Inc., Class B			2,832
	303		Royal Bank of Canada			20,104
	54		Saputo, Inc.			1,602
	78		Shaw Communications, Inc., Class B			1,784
	74		Silver Wheaton Corp.			1,467
	32		SNC-Lavalin Group, Inc.			1,150
	124		Sun Life Financial, Inc.			3,965
	328		Suncor Energy, Inc.			10,681
	220		Talisman Energy, Inc.			1,760
	120		Teck Resources Ltd., Class B			1,819
	382		Toronto-Dominion Bank (The)			17,618
	145		TransCanada Corp.			6,748
	140		Yamana Gold, Inc.			534

						233,038

			China — 0.0% (g)
	1,053		Yangzijiang Shipbuilding Holdings Ltd.			1,163

			Colombia — 0.0% (g)
	—	(h)	Pacific Rubiales Energy Corp.			—	(h)

			Denmark — 0.6%
	5		AP Moeller — Maersk A/S, Class B			9,837
	410		Danske Bank A/S			11,642
	346		Novo Nordisk A/S, Class B			19,405

						40,884

			Finland — 0.4%
	834		Nokia OYJ			5,630
	—	(h)	Nokian Renkaat OYJ			—	(h)
	640		UPM-Kymmene OYJ			11,579
	177		Wartsila OYJ Abp			8,132

						25,341

			France — 3.9%
	131		Air Liquide S.A.			17,086
	263		Airbus Group N.V.			18,217


SHARES			SECURITY DESCRIPTION	VALUE($)


			France — continued
	1,275		Alcatel-Lucent (a)		4,425
	685	��	AXA S.A.		17,313
	307		BNP Paribas S.A.		19,392
	100		Bouygues S.A.		4,140
	87		Cap Gemini S.A.		7,735
	76		Cie de Saint-Gobain		3,439
	47		Danone S.A.		3,386
	374		GDF Suez		7,602
	46		L’Oreal S.A. (a)		8,782
	13		LVMH Moet Hennessy Louis Vuitton SE		2,279
	723		Natixis S.A.		5,986
	168		Orange S.A.		2,770
	134		Publicis Groupe S.A.		11,227
	155		Renault S.A.		16,295
	326		Sanofi		33,186
	214		Schneider Electric SE		15,987
	172		Societe Generale S.A.		8,590
	94		Sodexo S.A.		9,526
	164		Suez Environnement Co.		3,345
	191		Thales S.A.		11,614
	390		TOTAL S.A.		21,121
	12		Unibail-Rodamco SE		3,357

					256,800

			Germany — 3.2%
	123		Allianz SE		20,896
	105		BASF SE		10,410
	183		Bayer AG (a)		26,287
	139		Bayerische Motoren Werke AG		16,455
	160		Brenntag AG		9,626
	44		Continental AG (a)		10,257
	173		Daimler AG		16,669
	93		Deutsche Bank AG		2,978
	400		Deutsche Post AG		13,160
	953		Deutsche Telekom AG		17,518
	859		E.ON SE		13,367
	183		HeidelbergCement AG		14,071
	15		Linde AG		2,927
	5		Muenchener Rueckversicherungs- Gesellschaft AG		984
	246		SAP SE		18,614
	84		Siemens AG		9,171
	1,342		Telefonica Deutschland Holding AG (a)		8,318

					211,708

			Hong Kong — 1.1%
	1,901		AIA Group Ltd.		12,645

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Hong Kong — continued
	877	BOC Hong Kong Holdings Ltd.		3,402
	533	Cathay Pacific Airways Ltd.		1,372
	251	Cheung Kong Infrastructure Holdings Ltd.		2,126
	284	CK Hutchison Holdings Ltd.		6,161
	173	CLP Holdings Ltd.		1,510
	329	Galaxy Entertainment Group Ltd.		1,581
	681	Hang Lung Properties Ltd.		2,302
	180	Hang Seng Bank Ltd.		3,509
	324	Henderson Land Development Co., Ltd.		2,598
	1,015	HKT Trust & HKT Ltd.		1,357
	866	Hong Kong & China Gas Co., Ltd.		2,062
	148	Hong Kong Exchanges and Clearing Ltd.		5,649
	431	Hutchison Whampoa Ltd.		6,351
	363	Kerry Properties Ltd.		1,479
	1,462	Li & Fung Ltd.		1,489
	298	Link REIT (The)		1,848
	491	MTR Corp., Ltd.		2,411
	183	NWS Holdings Ltd.		311
	180	Power Assets Holdings Ltd.		1,812
	558	Sands China Ltd.		2,275
	1,260	Sino Land Co., Ltd.		2,217
	227	Sun Hung Kai Properties Ltd.		3,770
	41	Swire Pacific Ltd., Class A		553
	97	Wharf Holdings Ltd. (The)		699
	97	Wheelock & Co., Ltd.		546
	140	Yue Yuen Industrial Holdings Ltd.		532

				72,567

		Ireland — 1.0%
	278	Accenture plc, Class A		25,745
	26	Allegion plc		1,593
	124	James Hardie Industries plc		1,420
	79	Medtronic plc		5,858
	24	Perrigo Co. plc		4,470
	202	Shire plc		16,431
	245	XL Group plc		9,093

				64,610

		Israel — 0.1%
	155	Teva Pharmaceutical Industries Ltd., ADR		9,351

		Italy — 1.0%
	488	Assicurazioni Generali S.p.A.		9,545
	1,945	Enel Green Power S.p.A.		3,778
	2,070	Enel S.p.A.		9,812
	166	Eni S.p.A.		3,187
	4,043	Intesa Sanpaolo S.p.A.		13,583


SHARES		SECURITY DESCRIPTION	VALUE($)


		Italy — continued
	99	Luxottica Group S.p.A.		6,513
	5,962	Telecom Italia S.p.A. (a)		7,037
	1,224	UniCredit S.p.A.		8,783

				62,238

		Japan — 8.4%
	148	Advantest Corp.		1,747
	241	Ajinomoto Co., Inc.		5,344
	4	Alfresa Holdings Corp.		60
	527	Amada Holdings Co., Ltd.		5,315
	450	ANA Holdings, Inc.		1,244
	27	Asahi Group Holdings Ltd.		881
	569	Asahi Kasei Corp.		5,358
	671	Astellas Pharma, Inc.		10,442
	196	Bandai Namco Holdings, Inc.		4,016
	334	Bank of Yokohama Ltd. (The)		2,120
	151	Bridgestone Corp.		6,303
	180	Canon, Inc.		6,407
	44	Central Japan Railway Co.		7,894
	723	Chiba Bank Ltd. (The)		5,942
	62	Chubu Electric Power Co., Inc.		820
	61	Chugai Pharmaceutical Co., Ltd.		1,840
	354	Citizen Holdings Co., Ltd.		2,801
	84	COLOPL, Inc.		1,714
	180	Daicel Corp.		2,169
	276	Dai-ichi Life Insurance Co., Ltd. (The)		4,535
	75	Daikin Industries Ltd.		5,080
	111	Daiwa House Industry Co., Ltd.		2,467
	62	Dentsu, Inc.		2,895
	113	East Japan Railway Co.		9,988
	31	Eisai Co., Ltd.		2,093
	20	Electric Power Development Co., Ltd.		658
	27	FANUC Corp.		5,939
	18	Fast Retailing Co., Ltd.		7,129
	160	Fuji Heavy Industries Ltd.		5,334
	88	FUJIFILM Holdings Corp.		3,296
	603	Fujitsu Ltd.		3,997
	24	Fukuoka Financial Group, Inc.		138
	485	Furukawa Electric Co., Ltd.		889
	131	Hakuhodo DY Holdings, Inc.		1,402
	11	Hirose Electric Co., Ltd.		1,521
	1,105	Hitachi Ltd.		7,539
	699	Hokuhoku Financial Group, Inc.		1,672
	358	Honda Motor Co., Ltd.		11,999
	57	Hoya Corp.		2,193
	127	Ibiden Co., Ltd.		2,212

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	49

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
			Japan — continued
	279		Inpex Corp.		3,495
	15		Isetan Mitsukoshi Holdings Ltd.		248
	2		Japan Retail Fund Investment Corp.		3,651
	259		Japan Tobacco, Inc.		9,031
	51		JFE Holdings, Inc.		1,160
	645		JX Holdings, Inc.		2,808
	512		Kansai Electric Power Co., Inc. (The) (a)		5,144
	54		Kao Corp.		2,586
	1,025		Kawasaki Heavy Industries Ltd.		5,283
	487		KDDI Corp.		11,528
	14		Keyence Corp.		7,207
	63		Kirin Holdings Co., Ltd.		838
	1,465		Kobe Steel Ltd.		2,663
	40		Komatsu Ltd.		799
	128		Kubota Corp.		2,003
	33		Kyocera Corp.		1,744
	238		Kyushu Electric Power Co., Inc. (a)		2,533
	54		Mabuchi Motor Co., Ltd.		3,227
	339		Marubeni Corp.		2,100
	177		Marui Group Co., Ltd.		1,935
	113		Mazda Motor Corp.		2,209
	317		Medipal Holdings Corp.		4,321
	16		MEIJI Holdings Co., Ltd.		1,884
	241		Minebea Co., Ltd.		3,695
	259		Mitsubishi Corp.		5,584
	620		Mitsubishi Electric Corp.		8,097
	164		Mitsubishi Estate Co., Ltd.		3,860
	714		Mitsubishi Heavy Industries Ltd.		3,956
	7		Mitsubishi Motors Corp.		67
	63		Mitsubishi Tanabe Pharma Corp.		1,065
	2,691		Mitsubishi UFJ Financial Group, Inc.		19,116
	534		Mitsui & Co., Ltd.		7,462
	1,505		Mitsui Chemicals, Inc.		4,976
	294		Mitsui Fudosan Co., Ltd.		8,715
	149		Mitsui OSK Lines Ltd.		526
	3,288		Mizuho Financial Group, Inc.		6,268
	24		Murata Manufacturing Co., Ltd.		3,396
	385		NEC Corp.		1,281
	132		NGK Spark Plug Co., Ltd.		3,705
	181		NH Foods Ltd.		3,955
	16		Nintendo Co., Ltd.		2,703
	429		Nippon Express Co., Ltd.		2,463
	—	(h)	Nippon Prologis REIT, Inc.		325
	2,496		Nippon Steel & Sumitomo Metal Corp.		6,493
	114		Nippon Telegraph & Telephone Corp.		7,718
	870		Nissan Motor Co., Ltd.		9,034


SHARES			SECURITY DESCRIPTION	VALUE($)


			Japan — continued
	31		Nitori Holdings Co., Ltd.		2,369
	60		Nitto Denko Corp.		3,871
	1,071		Nomura Holdings, Inc.		6,948
	42		Nomura Real Estate Holdings, Inc.		850
	13		Nomura Research Institute Ltd.		505
	301		NSK Ltd.		4,701
	135		NTT DOCOMO, Inc.		2,398
	75		Omron Corp.		3,448
	21		Oriental Land Co., Ltd.		1,435
	258		ORIX Corp.		3,963
	96		Otsuka Holdings Co., Ltd.		3,018
	336		Panasonic Corp.		4,807
	853		Resona Holdings, Inc.		4,548
	96		Ricoh Co., Ltd.		992
	23		Rinnai Corp.		1,753
	9		Santen Pharmaceutical Co., Ltd.		112
	129		Sanwa Holdings Corp.		970
	23		Secom Co., Ltd.		1,637
	134		Seiko Epson Corp.		2,335
	331		Sekisui Chemical Co., Ltd.		4,414
	85		Seven & I Holdings Co., Ltd.		3,671
	338		Shimizu Corp.		2,431
	113		Shin-Etsu Chemical Co., Ltd.		6,926
	3		SMC Corp.		842
	135		SoftBank Corp.		8,451
	124		Sompo Japan Nipponkoa Holdings, Inc.		4,038
	238		Sony Corp. (a)		7,195
	135		Sumitomo Corp.		1,596
	—	(h)	Sumitomo Forestry Co., Ltd.		1
	281		Sumitomo Mitsui Financial Group, Inc.		12,287
	53		Sumitomo Realty & Development Co., Ltd.		2,046
	—	(h)	Sundrug Co., Ltd.		20
	70		Suntory Beverage & Food Ltd.		2,960
	87		Suzuken Co., Ltd.		2,726
	32		Suzuki Motor Corp.		1,044
	83		Sysmex Corp.		4,598
	98		T&D Holdings, Inc.		1,408
	17		Taisho Pharmaceutical Holdings Co., Ltd.		1,174
	271		Takashimaya Co., Ltd.		2,529
	62		Takeda Pharmaceutical Co., Ltd.		3,157
	140		Terumo Corp.		3,588
	184		Tokio Marine Holdings, Inc.		7,480
	782		Tokyo Gas Co., Ltd.		4,513
	71		Tokyu Corp.		472
	496		Toshiba Corp.		1,987

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Japan — continued
	553	Toyota Motor Corp.		38,473
	239	Unicharm Corp.		6,011
	1	United Urban Investment Corp.		1,019
	391	Yamada Denki Co., Ltd.		1,598
	190	Yamaha Motor Co., Ltd.		4,462
	178	Yamato Holdings Co., Ltd.		3,977

				546,004

		Luxembourg — 0.1%
	751	ArcelorMittal		7,995

		Netherlands — 1.5%
	72	ASML Holding N.V.		7,781
	112	Heineken Holding N.V.		7,803
	907	ING Groep N.V., CVA (a)		13,921
	1,043	Koninklijke KPN N.V.		3,868
	198	NN Group N.V. (a)		5,760
	36	NXP Semiconductors N.V. (a)		3,467
	1,133	Royal Dutch Shell plc, Class A		35,733
	515	Royal Dutch Shell plc, Class B		16,490

				94,823

		New Zealand — 0.0% (g)
	135	Contact Energy Ltd.		584
	357	Meridian Energy Ltd.		685
	72	Ryman Healthcare Ltd.		445
	576	Spark New Zealand Ltd.		1,304

				3,018

		Norway — 0.3%
	623	DNB ASA		11,069
	330	Telenor ASA		7,461

				18,530

		Singapore — 0.8%
	198	Avago Technologies Ltd.		23,190
	847	CapitaCommercial Trust		1,083
	339	DBS Group Holdings Ltd.		5,380
	695	Global Logistic Properties Ltd.		1,441
	1,563	Hutchison Port Holdings Trust, Class U		1,053
	364	Keppel Corp., Ltd.		2,389
	569	Oversea-Chinese Banking Corp., Ltd.		4,579
	1,409	Singapore Telecommunications Ltd.		4,707
	230	United Overseas Bank Ltd.		4,251
	527	Wilmar International Ltd.		1,295

				49,368


SHARES		SECURITY DESCRIPTION	VALUE($)


		Spain — 1.3%
	99	Amadeus IT Holding S.A., Class A		4,513
	598	Banco Bilbao Vizcaya Argentaria S.A.		6,009
	2,299	Banco Santander S.A.		17,384
	3,235	Bankia S.A. (a)		4,518
	1,647	Distribuidora Internacional de Alimentacion S.A.		13,189
	1,430	Iberdrola S.A.		9,568
	145	Inditex S.A.		4,659
	513	Repsol S.A.		10,580
	1,106	Telefonica S.A.		16,830

				87,250

		Sweden — 0.6%
	184	Assa Abloy AB, Class B		10,684
	284	Electrolux AB, Series B		8,492
	245	Nordea Bank AB		3,114
	277	Swedbank AB, Class A		6,437
	428	Tele2 AB, Class B		5,709
	314	Telefonaktiebolaget LM Ericsson, Class B		3,433

				37,869

		Switzerland — 4.1%
	264	ABB Ltd. (a)		5,783
	220	ACE Ltd.		23,505
	190	Cie Financiere Richemont S.A.		16,964
	277	Credit Suisse Group AG (a)		7,336
	1,066	Glencore plc		5,064
	92	Holcim Ltd. (a)		7,364
	711	Nestle S.A.		55,179
	406	Novartis AG		41,435
	171	Roche Holding AG		49,000
	117	Swiss Re AG (a)		10,404
	6	Syngenta AG		1,990
	169	TE Connectivity Ltd.		11,230
	941	UBS Group AG (a)		18,789
	217	Wolseley plc		12,850
	1	Zurich Insurance Group AG (a)		245

				267,138

		United Kingdom — 7.3%
	1,697	3i Group plc		13,147
	82	Anglo American plc		1,393
	233	ARM Holdings plc		3,965
	196	Associated British Foods plc		8,538
	275	AstraZeneca plc		18,841
	1,113	Aviva plc		8,956
	1,208	BAE Systems plc		9,357
	5,066	Barclays plc		19,820

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	51

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United Kingdom — continued
	885	BG Group plc		16,035
	3,107	BP plc		22,406
	552	British American Tobacco plc		30,333
	834	BT Group plc		5,814
	94	Bunzl plc		2,638
	1,588	Cobham plc		7,202
	284	Compass Group plc		5,029
	100	Diageo plc		2,774
	1,074	Dixons Carphone plc		6,973
	816	GlaxoSmithKline plc		18,846
	211	Hammerson plc		2,163
	3,561	HSBC Holdings plc		35,571
	237	Imperial Tobacco Group plc		11,585
	189	Indivior plc (a)		579
	2,236	ITV plc		8,681
	28	Liberty Global plc, Class A (a)		1,445
	79	Liberty Global plc, Series C (a)		3,971
	7,715	Lloyds Banking Group plc		9,136
	285	Marks & Spencer Group plc		2,410
	688	National Grid plc		9,259
	95	Next plc		10,694
	104	Pearson plc		2,104
	1	Pentair plc		68
	435	Persimmon plc (a)		11,299
	859	Prudential plc		21,385
	67	Randgold Resources Ltd.		5,088
	234	Reckitt Benckiser Group plc		20,814
	81	Rio Tinto Ltd.		3,666
	240	Rio Tinto plc		10,761
	350	SABMiller plc		18,534
	510	Smith & Nephew plc		8,683
	390	SSE plc		9,236
	291	Standard Chartered plc		4,767
	745	Tesco plc		2,512
	368	Unilever N.V., CVA		16,044
	6,769	Vodafone Group plc		23,848
	126	Whitbread plc		10,092
	31	Willis Group Holdings plc		1,510
	318	WPP plc		7,410

				475,382

		United States — 53.3%
	11	3M Co.		1,691
	572	Abbott Laboratories		26,552
	94	AbbVie, Inc.		6,059
	69	Actavis plc (a)		19,447


SHARES			SECURITY DESCRIPTION	VALUE($)


			United States — continued
	286		Adobe Systems, Inc. (a)		21,733
	163		Aetna, Inc.		17,413
	94		AGL Resources, Inc.		4,727
	686		Alcoa, Inc.		9,213
	77		Alexion Pharmaceuticals, Inc. (a)		13,014
	35		Alliance Data Systems Corp. (a)		10,447
	13		Altria Group, Inc.		638
	73		Amazon.com, Inc. (a)		30,678
	381		American International Group, Inc.		21,440
	95		American Tower Corp.		8,951
	71		Amgen, Inc.		11,237
	69		Amphenol Corp., Class A		3,793
	162		Anadarko Petroleum Corp.		15,256
	1,168		Apple, Inc.		146,115
	416		Applied Materials, Inc.		8,223
	238		Archer-Daniels-Midland Co.		11,636
	18		Arrow Electronics, Inc. (a)		1,059
	418		AT&T, Inc.		14,477
	25		AutoZone, Inc. (a)		17,012
	71		AvalonBay Communities, Inc.		11,586
	24		Avnet, Inc.		1,016
	74		Axiall Corp.		3,010
	211		Baker Hughes, Inc.		14,440
	2,780		Bank of America Corp.		44,289
	83		Bank of New York Mellon Corp. (The)		3,512
	394		BB&T Corp.		15,077
	74		Becton, Dickinson and Co.		10,413
	209		Berkshire Hathaway, Inc., Class B (a)		29,541
	166		Best Buy Co., Inc.		5,766
	83		Biogen, Inc. (a)		31,090
	30		BlackRock, Inc.		10,951
	77		Boston Properties, Inc.		10,127
	1,137		Boston Scientific Corp. (a)		20,259
	503		Bristol-Myers Squibb Co.		32,085
	211		Brixmor Property Group, Inc.		4,955
	429		Broadcom Corp., Class A		18,946
	147		Capital One Financial Corp.		11,853
	—	(h)	Catamaran Corp. (a)		1
	45		Caterpillar, Inc.		3,890
	227		CBS Corp. (Non-Voting), Class B		14,107
	255		Celgene Corp. (a)		27,559
	373		CenterPoint Energy, Inc.		7,813
	39		CenturyLink, Inc.		1,395
	109		Cerner Corp. (a)		7,845
	504		Charles Schwab Corp. (The)		15,362
	69		Charter Communications, Inc., Class A (a)		12,902

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United States — continued
	55	Cheniere Energy, Inc. (a)		4,214
	367	Chevron Corp.		40,730
	28	Cigna Corp.		3,545
	18	Cintas Corp.		1,417
	786	Cisco Systems, Inc.		22,661
	848	Citigroup, Inc.		45,200
	28	Citrix Systems, Inc. (a)		1,873
	316	CMS Energy Corp.		10,728
	511	Coca-Cola Co. (The)		20,744
	114	Coca-Cola Enterprises, Inc.		5,074
	313	Cognizant Technology Solutions Corp., Class A (a)		18,344
	115	Colgate-Palmolive Co.		7,726
	78	Comcast Corp., Class A		4,521
	563	Comcast Corp., Class A		32,518
	33	Concho Resources, Inc. (a)		4,213
	66	ConocoPhillips		4,480
	43	CONSOL Energy, Inc.		1,404
	158	Constellation Brands, Inc., Class A (a)		18,261
	15	Continental Resources, Inc. (a)		787
	249	Corning, Inc.		5,221
	154	Costco Wholesale Corp.		21,975
	234	Crown Holdings, Inc. (a)		12,699
	447	CSX Corp.		16,123
	26	Cullen/Frost Bankers, Inc.		1,875
	101	Cummins, Inc.		13,916
	205	CVS Health Corp.		20,335
	189	Delta Air Lines, Inc.		8,435
	27	DENTSPLY International, Inc.		1,385
	46	Devon Energy Corp.		3,166
	37	DIRECTV (a)		3,373
	194	DISH Network Corp., Class A (a)		13,099
	165	Dollar General Corp.		12,006
	21	Dollar Tree, Inc. (a)		1,630
	179	Douglas Emmett, Inc.		5,096
	399	Dow Chemical Co. (The)		20,333
	90	Dr. Pepper Snapple Group, Inc.		6,730
	8	Dun & Bradstreet Corp. (The)		991
	126	Dunkin’ Brands Group, Inc.		6,559
	321	E.I. du Pont de Nemours & Co.		23,504
	343	Eaton Corp. plc		23,591
	20	eBay, Inc. (a)		1,147
	240	Edison International		14,618
	186	Eli Lilly & Co.		13,390
	213	EMC Corp.		5,730
	11	Emerson Electric Co.		650


SHARES		SECURITY DESCRIPTION	VALUE($)


		United States — continued
	195	EOG Resources, Inc.		19,304
	96	EQT Corp.		8,615
	13	Essex Property Trust, Inc.		2,841
	95	Estee Lauder Cos., Inc. (The), Class A		7,696
	453	Exelon Corp.		15,402
	79	Extra Space Storage, Inc.		5,214
	675	Exxon Mobil Corp.		58,942
	12	F5 Networks, Inc. (a)		1,487
	548	Facebook, Inc., Class A (a)		43,203
	49	FedEx Corp.		8,255
	202	Fidelity National Information Services, Inc.		12,606
	27	Flowserve Corp.		1,587
	262	Fluor Corp.		15,730
	27	Foot Locker, Inc.		1,615
	54	General Dynamics Corp.		7,381
	1,207	General Electric Co.		32,681
	99	General Growth Properties, Inc.		2,718
	498	General Motors Co.		17,476
	186	Gilead Sciences, Inc. (a)		18,690
	98	Goldman Sachs Group, Inc. (The)		19,229
	59	Google, Inc., Class A (a)		32,327
	69	Google, Inc., Class C (a)		36,832
	42	H&R Block, Inc.		1,257
	208	Halliburton Co.		10,193
	73	Harman International Industries, Inc.		9,467
	275	Hartford Financial Services Group, Inc. (The)		11,225
	121	Hershey Co. (The)		11,160
	421	Hewlett-Packard Co.		13,890
	78	Highwoods Properties, Inc.		3,351
	35	HollyFrontier Corp.		1,354
	35	Hologic, Inc. (a)		1,197
	337	Home Depot, Inc. (The)		36,074
	309	Honeywell International, Inc.		31,183
	8	Host Hotels & Resorts, Inc.		160
	127	Humana, Inc.		21,061
	13	Illumina, Inc.		2,347
	143	Ingersoll-Rand plc		9,398
	401	Intel Corp.		13,039
	58	Intercontinental Exchange, Inc.		13,102
	75	International Business Machines Corp.		12,892
	348	Invesco Ltd.		14,433
	11	Jack Henry & Associates, Inc.		738
	558	Johnson & Johnson		55,307
	252	Johnson Controls, Inc.		12,711
	22	Keurig Green Mountain, Inc.		2,546
	411	KeyCorp		5,943

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	53

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United States — continued
	99	Kilroy Realty Corp.		7,063
	136	Kimberly-Clark Corp.		14,880
	133	Kinder Morgan, Inc.		5,713
	113	KLA-Tencor Corp.		6,638
	104	L-3 Communications Holdings, Inc.		11,921
	241	Lam Research Corp.		18,247
	137	Liberty Property Trust		4,767
	42	Lincoln National Corp.		2,381
	43	Loews Corp.		1,800
	418	Lowe’s Cos., Inc.		28,749
	94	Macy’s, Inc.		6,102
	19	Mallinckrodt plc (a)		2,196
	14	ManpowerGroup, Inc.		1,182
	416	Marathon Oil Corp.		12,922
	83	Marathon Petroleum Corp.		8,147
	27	Marriott International, Inc., Class A		2,130
	149	Marsh & McLennan Cos., Inc.		8,377
	55	Martin Marietta Materials, Inc.		7,879
	283	Masco Corp.		7,497
	50	MasterCard, Inc., Class A		4,552
	31	McDonald’s Corp.		3,032
	17	McGraw Hill Financial, Inc.		1,792
	121	McKesson Corp.		27,123
	550	Merck & Co., Inc.		32,747
	447	MetLife, Inc.		22,924
	137	Micron Technology, Inc. (a)		3,846
	1,705	Microsoft Corp.		82,911
	86	Mid-America Apartment Communities, Inc.		6,442
	126	Molson Coors Brewing Co., Class B		9,274
	738	Mondelez International, Inc., Class A		28,335
	57	Monsanto Co.		6,456
	18	Moody’s Corp.		1,967
	741	Morgan Stanley		27,632
	350	Mosaic Co. (The)		15,414
	75	Mylan N.V. (a)		5,388
	36	Newell Rubbermaid, Inc.		1,373
	215	NextEra Energy, Inc.		21,724
	273	NiSource, Inc.		11,859
	15	Norfolk Southern Corp.		1,509
	276	Occidental Petroleum Corp.		22,134
	726	Oracle Corp.		31,671
	295	PACCAR, Inc.		19,289
	86	Pall Corp.		8,358
	104	Parker-Hannifin Corp.		12,403
	367	PepsiCo, Inc.		34,890
	1,427	Pfizer, Inc.		48,418


SHARES		SECURITY DESCRIPTION	VALUE($)


		United States — continued
	226	PG&E Corp.		11,963
	372	Philip Morris International, Inc.		31,029
	76	Phillips 66		6,044
	86	Pinnacle West Capital Corp.		5,260
	38	Pioneer Natural Resources Co.	��	6,510
	63	PNC Financial Services Group, Inc. (The)		5,769
	9	Precision Castparts Corp.		1,922
	12	Priceline Group, Inc. (The) (a)		14,557
	596	Procter & Gamble Co. (The)		47,407
	280	Prologis, Inc.		11,259
	78	Prudential Financial, Inc.		6,388
	103	Public Service Enterprise Group, Inc.		4,271
	423	PulteGroup, Inc.		8,166
	11	PVH Corp.		1,123
	234	QUALCOMM, Inc.		15,879
	21	Quest Diagnostics, Inc.		1,465
	187	Questar Corp.		4,375
	11	Quintiles Transnational Holdings, Inc. (a)		731
	59	Ralph Lauren Corp.		7,898
	27	Regency Centers Corp.		1,670
	24	Robert Half International, Inc.		1,321
	23	Rock-Tenn Co., Class A		1,447
	148	Royal Caribbean Cruises Ltd.		10,050
	13	SanDisk Corp.		879
	304	Schlumberger Ltd.		28,762
	68	Sempra Energy		7,171
	31	Sherwin-Williams Co. (The)		8,510
	62	Simon Property Group, Inc.		11,169
	466	Sirius XM Holdings, Inc. (a)		1,840
	17	SL Green Realty Corp.		2,080
	16	Snap-on, Inc.		2,320
	40	Southwestern Energy Co. (a)		1,118
	79	SPX Corp.		6,082
	30	Stanley Black & Decker, Inc.		2,915
	546	Starbucks Corp.		27,058
	179	State Street Corp.		13,808
	189	Stryker Corp.		17,441
	135	SunTrust Banks, Inc.		5,583
	32	SVB Financial Group (a)		4,287
	57	Symantec Corp.		1,409
	32	Synopsys, Inc. (a)		1,507
	107	Target Corp.		8,406
	101	TD Ameritrade Holding Corp.		3,648
	188	Texas Instruments, Inc.		10,169
	100	Thermo Fisher Scientific, Inc.		12,613
	77	Thomson Reuters Corp.		3,184

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES			SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
			United States — continued
	22		Tiffany & Co.		1,897
	51		Time Warner Cable, Inc.		7,963
	318		Time Warner, Inc.		26,820
	329		TJX Cos., Inc. (The)		21,261
	47		T-Mobile USA, Inc. (a)		1,603
	163		Toll Brothers, Inc. (a)		5,792
	662		Twenty-First Century Fox, Inc., Class A		22,551
	80		Twenty-First Century Fox, Inc., Class B		2,681
	82		Tyco International plc		3,245
	161		U.S. Bancorp		6,922
	325		Union Pacific Corp.		34,575
	151		United Continental Holdings, Inc. (a)		9,025
	15		United Rentals, Inc. (a)		1,445
	277		United States Steel Corp.		6,648
	309		United Technologies Corp.		35,161
	279		UnitedHealth Group, Inc.		31,072
	207		V.F. Corp.		14,973
	59		Valeant Pharmaceuticals International, Inc. (a)		12,822
	145		Valero Energy Corp.		8,223
	23		VeriSign, Inc. (a)		1,478
	—	(h)	Veritiv Corp. (a)		—	(h)
	905		Verizon Communications, Inc.		45,652
	79		Vertex Pharmaceuticals, Inc. (a)		9,782
	531		Visa, Inc., Class A		35,086
	85		Walgreens Boots Alliance, Inc.		7,030
	145		Wal-Mart Stores, Inc.		11,305
	266		Walt Disney Co. (The)		28,954
	33		Waste Management, Inc.		1,647
	1,209		Wells Fargo & Co.		66,639
	10		Western Digital Corp.		975
	67		Western Union Co. (The)		1,362
	7		Whirlpool Corp.		1,168
	265		Xcel Energy, Inc.		9,002
	204		Xerox Corp.		2,342

					3,478,095

			Total Common Stocks (Cost $5,677,205)		6,253,161

	Preferred Stocks — 0.4%
			Germany — 0.4%
	162		Henkel AG & Co. KGaA		18,786
	33		Volkswagen AG		8,400

			Total Preferred Stocks (Cost $24,537)		27,186


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 3.5%
		Investment Company — 3.5%
	225,787	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (Cost $225,787)		225,787

		Total Investments — 99.7% (Cost $5,927,529)		6,506,134
		Other Assets in Excess of Liabilities — 0.3% (c)		22,439

		NET ASSETS — 100.0%	$	6,528,573

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		9.3	%
Pharmaceuticals		7.5
Oil, Gas & Consumable Fuels		6.5
Insurance		4.0
Media		3.3
Technology Hardware, Storage & Peripherals		2.8
Software		2.5
Capital Markets		2.5
Chemicals		2.4
Diversified Telecommunication Services		2.3
Food Products		2.3
Automobiles		2.3
Beverages		2.2
IT Services		2.2
Specialty Retail		2.1
Aerospace & Defense		2.1
Real Estate Investment Trusts (REITs)		1.9
Machinery		1.9
Semiconductors & Semiconductor Equipment		1.8
Biotechnology		1.8
Household Products		1.8
Internet Software & Services		1.8
Road & Rail		1.7
Health Care Providers & Services		1.7
Food & Staples Retailing		1.7
Electric Utilities		1.7
Metals & Mining		1.6
Health Care Equipment & Supplies		1.6
Multi-Utilities		1.4

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	55

JPMorgan Global Research Enhanced Index Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


INDUSTRY	PERCENTAGE
Tobacco		1.3	%
Hotels, Restaurants & Leisure		1.2
Household Durables		1.0
Others (each less than 1.0%)		14.3
Short-Term Investment		3.5


Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	146	TOPIX Index		06/11/15	$	19,424	$	(27	)
	481	Dow Jones Euro STOXX 50 Index		06/19/15		19,271		(947	)
	1,377	E-mini S&P 500		06/19/15		143,132		1,424

							$	450

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES			SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 95.0%
			Australia — 0.9%
	4		QBE Insurance Group Ltd.		44

			Brazil — 0.5%
	2		Itau Unibanco Holding S.A. (Preference Shares), ADR		26

			Canada — 2.5%
	2		MEG Energy Corp. (a)		44
	2		Toronto-Dominion Bank (The)		79

					123

			China — 7.1%
	1		Baidu, Inc., ADR (a)		138
	44		China Lesso Group Holdings Ltd.		32
	110		Industrial & Commercial Bank of China Ltd., Class H		95
	26		KWG Property Holding Ltd.		26
	4		Phoenix New Media Ltd., ADR (a)		32
	1		SINA Corp. (a)		29

					352

			Finland — 0.6%
	5		Outokumpu OYJ (a)		29

			France — 7.1%
	1		Airbus Group N.V.		42
	4		AXA S.A.		106
	2		IPSOS		56
	1		Sanofi		118
	—	(h)	Sopra Steria Group		31

					353

			Germany — 1.6%
	1		SAP SE, ADR		79

			Hong Kong — 1.2%
	14		Sands China Ltd.		57

			India — 0.8%
	3		ICICI Bank Ltd., ADR		37

			Ireland — 0.9%
	—	(h)	Shire plc, ADR		46

			Israel — 2.0%
	2		Teva Pharmaceutical Industries Ltd., ADR		98

			Japan — 1.8%
	2		Sumitomo Mitsui Financial Group, Inc.		92

			Luxembourg — 0.7%
	2		Globant S.A. (a)		34

			Netherlands — 1.2%
	1		NXP Semiconductors N.V. (a)		58


SHARES			SECURITY DESCRIPTION	VALUE($)


			South Korea — 2.3%
	—	(h)	Hyundai Motor Co.		50
	—	(h)	Samsung Electronics Co., Ltd.		66

					116

			Spain — 2.1%
	3		Grifols S.A., ADR		106

			Switzerland — 5.4%
	1		ACE Ltd.		58
	1		Novartis AG		115
	—	(h)	Roche Holding AG		51
	2		UBS Group AG (a)		44

					268

			United Kingdom — 8.0%
	34		Barclays plc		132
	7		BG Group plc		134
	2		Standard Chartered plc		39
	25		Vodafone Group plc		89

					394

			United States — 48.3%
	1		Albemarle Corp.		37
	—	(h)	Amazon.com, Inc. (a)		78
	1		American Express Co.		49
	1		Anadarko Petroleum Corp.		49
	1		Apple, Inc. (m)		73
	6		Bank of America Corp.		98
	4		Boston Scientific Corp. (a)		79
	1		Cabot Oil & Gas Corp.		39
	3		Citigroup, Inc.		158
	1		Comcast Corp., Class A		75
	3		Fairchild Semiconductor International, Inc. (a)		54
	2		Fluor Corp. (m)		113
	—	(h)	Google, Inc., Class A (a)		69
	—	(h)	Google, Inc., Class C (a)		153
	1		Hartford Financial Services Group, Inc. (The)		46
	—	(h)	Humana, Inc. (m)		57
	1		Johnson & Johnson (m)		136
	1		Lam Research Corp.		78
	1		Las Vegas Sands Corp.		54
	2		MetLife, Inc.		118
	2		Microsoft Corp.		90
	2		Mosaic Co. (The)		73
	2		Owens Corning		78
	3		Pfizer, Inc.		89
	1		QUALCOMM, Inc.		84
	3		Teradyne, Inc.		49

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	57

JPMorgan Global Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United States — continued
	4	Time, Inc.		101
	4	Twenty-First Century Fox, Inc., Class A		139
	1	United Continental Holdings, Inc. (a)		72

				2,388

		Total Common Stocks (Cost $4,056)		4,700

	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	162	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $162)		162

		Total Investments — 98.3% (Cost $4,218)		4,862
		Other Assets in Excess of Liabilities — 1.7%		85

		NET ASSETS — 100.0%	$	4,947

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		15.6	%
Pharmaceuticals		13.4
Internet Software & Services		8.6
Insurance		7.7
Media		7.6
Oil, Gas & Consumable Fuels		5.5
Semiconductors & Semiconductor Equipment		4.9
Software		4.2
Technology Hardware, Storage & Peripherals		2.8
Construction & Engineering		2.3
Hotels, Restaurants & Leisure		2.3
Building Products		2.3
Chemicals		2.3
Biotechnology		2.2
Wireless Telecommunication Services		1.8
Communications Equipment		1.7
Health Care Equipment & Supplies		1.6
Internet & Catalog Retail		1.6
Airlines		1.5
Health Care Providers & Services		1.2
Automobiles		1.0
Consumer Finance		1.0
Others (each less than 1.0%)		3.6
Short-Term Investment		3.3

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 95.8%
		Australia — 1.6%
	1,155	BHP Billiton Ltd.		29,504
	639	BHP Billiton plc		15,347

				44,851

		Belgium — 1.5%
	354	Anheuser-Busch InBev N.V.		43,086

		China — 3.0%
	15,252	China Construction Bank Corp., Class H		14,806
	14,783	CNOOC Ltd.		25,208
	17,435	Industrial & Commercial Bank of China Ltd., Class H		15,124
	1,369	Ping An Insurance Group Co. of China Ltd., Class H		19,571
	4,736	Wynn Macau Ltd.		9,587

				84,296

		Denmark — 0.8%
	384	Novo Nordisk A/S, Class B		21,573

		France — 11.6%
	510	Accor S.A.		27,973
	1,341	AXA S.A.		33,904
	533	BNP Paribas S.A.		33,662
	171	Essilor International S.A.		20,826
	8	Hermes International		3,150
	198	Imerys S.A.		15,090
	64	Kering		11,890
	306	Lafarge S.A.		22,315
	174	LVMH Moet Hennessy Louis Vuitton SE		30,463
	177	Pernod Ricard S.A.		22,030
	494	Sanofi		50,333
	394	Schneider Electric SE		29,428
	358	Technip S.A.		24,407

				325,471

		Germany — 6.2%
	256	Allianz SE		43,635
	271	Bayer AG (a)		39,003
	330	Fresenius Medical Care AG & Co. KGaA		27,712
	71	Linde AG		13,951
	652	SAP SE		49,301

				173,602

		Hong Kong — 4.4%
	6,372	China Overseas Land & Investment Ltd.		26,542
	2,532	CK Hutchison Holdings Ltd.		54,914
	6,606	Hang Lung Properties Ltd.		22,332
	4,660	Sands China Ltd.		18,994

				122,782


SHARES		SECURITY DESCRIPTION	VALUE($)


		India — 0.8%
	386	HDFC Bank Ltd., ADR		21,963

		Indonesia — 0.4%
	23,843	Astra International Tbk PT		12,547

		Israel — 1.0%
	457	Teva Pharmaceutical Industries Ltd., ADR		27,586

		Japan — 19.4%
	1,902	Astellas Pharma, Inc.		29,620
	347	Daikin Industries Ltd.		23,343
	255	East Japan Railway Co.		22,521
	133	FANUC Corp.		29,233
	1,287	Honda Motor Co., Ltd.		43,154
	1,145	Inpex Corp.		14,364
	1,515	Japan Tobacco, Inc.		52,888
	583	KDDI Corp.		13,793
	1,346	Komatsu Ltd.		27,070
	2,267	Kubota Corp.		35,481
	471	Makita Corp.		23,495
	714	Mitsui Fudosan Co., Ltd.		21,166
	257	Nidec Corp.		19,195
	323	Nitto Denko Corp.		20,725
	260	Shin-Etsu Chemical Co., Ltd.		15,918
	113	SMC Corp.		34,113
	1,316	Sumitomo Mitsui Financial Group, Inc.		57,476
	869	Toyota Motor Corp.		60,476

				544,031

		Netherlands — 4.9%
	536	Akzo Nobel N.V.		41,046
	258	ASML Holding N.V.		27,791
	2,963	ING Groep N.V., CVA (a)		45,450
	774	Royal Dutch Shell plc, Class A		24,548

				138,835

		South Africa — 0.8%
	144	Naspers Ltd., Class N		22,618

		South Korea — 1.9%
	57	Hyundai Mobis Co., Ltd.		12,500
	63	Samsung Electronics Co., Ltd., Reg. S, GDR		41,492

				53,992

		Switzerland — 14.8%
	1,110	ABB Ltd. (a)		24,332
	319	Cie Financiere Richemont S.A.		28,460
	1,376	Credit Suisse Group AG (a)		36,415
	6,679	Glencore plc (a)		31,728
	245	Holcim Ltd. (a)		19,643

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	59

JPMorgan International Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Switzerland — continued
	693	Nestle S.A.		53,731
	679	Novartis AG		69,282
	211	Roche Holding AG		60,312
	2,445	UBS Group AG (a)		48,835
	137	Zurich Insurance Group AG (a)		42,333

				415,071

		Taiwan — 0.9%
	1,068	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		26,101

		United Kingdom — 21.8%
	537	Aggreko plc		13,535
	1,842	ARM Holdings plc		31,302
	10,631	Barclays plc		41,592
	3,994	BG Group plc		72,337
	632	British American Tobacco plc		34,729
	1,051	Burberry Group plc		28,013
	2,804	Centrica plc		10,950
	6,493	HSBC Holdings plc		64,627
	620	Imperial Tobacco Group plc		30,255
	2,712	Meggitt plc		21,919
	2,115	Prudential plc		52,658
	362	Rio Tinto Ltd.		16,331
	436	Rio Tinto plc		19,514
	2,339	Standard Chartered plc		38,300
	796	Tullow Oil plc		5,051
	578	Unilever plc		25,322
	17,847	Vodafone Group plc		62,880
	1,912	WPP plc		44,590

				613,905

		Total Common Stocks (Cost $2,248,475)		2,692,310

	Preferred Stocks — 2.6%
		Germany — 2.6%
	226	Henkel AG & Co. KGaA		26,278
	177	Volkswagen AG		45,667

		Total Preferred Stocks (Cost $51,659)		71,945


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	47,731	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $47,731)		47,731

		Total Investments — 100.1% (Cost $2,347,865)		2,811,986
		Liabilities in Excess of Other Assets — (0.1)%		(2,284	)

		NET ASSETS — 100.0%	$	2,809,702

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		11.8	%
Pharmaceuticals		10.6
Insurance		6.8
Automobiles		5.8
Machinery		5.3
Oil, Gas & Consumable Fuels		5.0
Real Estate Management & Development		4.4
Tobacco		4.2
Metals & Mining		4.0
Textiles, Apparel & Luxury Goods		3.6
Chemicals		3.3
Capital Markets		3.0
Semiconductors & Semiconductor Equipment		3.0
Food Products		2.8
Wireless Telecommunication Services		2.7
Electrical Equipment		2.6
Media		2.4
Beverages		2.3
Construction Materials		2.0
Hotels, Restaurants & Leisure		2.0
Software		1.8
Technology Hardware, Storage & Peripherals		1.5
Health Care Providers & Services		1.0
Others (each less than 1.0%)		6.4
Short-Term Investment		1.7


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	505,316	JPY	Citibank, N.A.		05/07/15	$	4,252	$	4,232	$	(20	)

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 96.1%
		Australia — 5.7%
	69	BHP Billiton plc		1,655
	283	Goodman Group (m)		1,390
	156	Transurban Group		1,220
	182	Westfield Corp. (m)		1,350

				5,615

		China — 1.8%
	2,025	Industrial & Commercial Bank of China Ltd., Class H		1,757

		Finland — 2.3%
	197	Nokia OYJ		1,332
	53	UPM-Kymmene OYJ		958

				2,290

		France — 5.6%
	36	Accor S.A.		1,950
	54	Groupe Eurotunnel SE		869
	33	Klepierre (m)		1,591
	18	Thales S.A.		1,111

				5,521

		Germany — 7.3%
	6	Allianz SE		1,005
	8	Bayer AG (a)		1,182
	5	Continental AG (a)		1,224
	15	Deutsche Boerse AG		1,244
	31	Deutsche Wohnen AG		824
	91	TUI AG		1,695

				7,174

		Hong Kong — 1.7%
	113	Hutchison Whampoa Ltd.		1,665

		Ireland — 0.8%
	10	Shire plc		812

		Israel — 3.3%
	911	Bezeq The Israeli Telecommunication Corp., Ltd.		1,725
	25	Teva Pharmaceutical Industries Ltd., ADR		1,502

				3,227

		Italy — 1.1%
	154	UniCredit S.p.A.		1,105

		Japan — 20.2%
	44	Canon, Inc.		1,551
	54	Daiwa House Industry Co., Ltd.		1,194
	274	Hitachi Ltd.		1,870
	53	Japan Airlines Co., Ltd.		1,751


SHARES		SECURITY DESCRIPTION	VALUE($)


		Japan — continued
	89	Japan Tobacco, Inc.		3,122
	355	Mitsubishi UFJ Financial Group, Inc.		2,522
	32	Nippon Telegraph & Telephone Corp.		2,174
	42	Seven & I Holdings Co., Ltd.		1,805
	39	Sony Corp. (a)		1,164
	40	Toyota Motor Corp.		2,784

				19,937

		Netherlands — 5.5%
	11	ASML Holding N.V.		1,140
	125	ING Groep N.V., CVA (a)		1,922
	39	NN Group N.V. (a)		1,130
	40	Royal Dutch Shell plc, Class A		1,272

				5,464

		Norway — 2.9%
	161	DNB ASA		2,867

		Russia — 0.8%
	44	MMC Norilsk Nickel OJSC, ADR		832

		South Africa — 1.1%
	56	MTN Group Ltd.		1,133

		South Korea — 1.1%
	1	Samsung Electronics Co., Ltd.		1,120

		Spain — 2.6%
	37	Ferrovial S.A.		833
	117	Telefonica S.A.		1,778

				2,611

		Sweden — 1.7%
	30	Electrolux AB, Series B		908
	35	Swedbank AB, Class A		809

				1,717

		Switzerland — 6.5%
	30	Credit Suisse Group AG (a)		791
	9	Novartis AG		962
	5	Roche Holding AG		1,543
	17	Swiss Re AG (a)		1,488
	28	Wolseley plc		1,636

				6,420

		Taiwan — 2.0%
	137	Siliconware Precision Industries Co., Ltd., ADR		1,107
	36	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		871

				1,978

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	61

JPMorgan International Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		United Kingdom — 22.1%
	169	3i Group plc		1,311
	119	Aberdeen Asset Management plc		865
	49	ARM Holdings plc		838
	18	AstraZeneca plc		1,214
	135	Aviva plc		1,084
	208	BAE Systems plc (m)		1,613
	330	Centrica plc		1,289
	55	Compass Group plc		972
	157	Direct Line Insurance Group plc		765
	52	GlaxoSmithKline plc		1,206
	104	Hammerson plc (m)		1,065
	21	InterContinental Hotels Group plc		886
	196	Legal & General Group plc		778
	271	Man Group plc		798
	82	Meggitt plc		664
	42	Persimmon plc (a)		1,086
	48	Smith & Nephew plc		811
	174	SSP Group plc (a)		796
	99	UBM plc		852
	373	Vodafone Group plc		1,316
	71	WPP plc		1,656

				21,865

		Total Common Stocks (Cost $89,474)		95,110

	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	2,843	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $2,843)		2,843

		Total Investments — 99.0% (Cost $92,317)		97,953
		Other Assets in Excess of Liabilities — 1.0%		972

		NET ASSETS — 100.0%	$	98,925

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		11.2	%
Pharmaceuticals		8.6
Hotels, Restaurants & Leisure		6.4
Insurance		6.4
Diversified Telecommunication Services		5.8
Real Estate Investment Trusts (REITs)		5.5
Semiconductors & Semiconductor Equipment		4.0
Capital Markets		3.8
Aerospace & Defense		3.5
Household Durables		3.2
Tobacco		3.2
Automobiles		2.8
Technology Hardware, Storage & Peripherals		2.7
Media		2.6
Metals & Mining		2.5
Wireless Telecommunication Services		2.5
Transportation Infrastructure		2.1
Real Estate Management & Development		2.1
Electronic Equipment, Instruments & Components		1.9
Food & Staples Retailing		1.8
Airlines		1.8
Industrial Conglomerates		1.7
Trading Companies & Distributors		1.7
Communications Equipment		1.4
Multi-Utilities		1.3
Oil, Gas & Consumable Fuels		1.3
Diversified Financial Services		1.3
Auto Components		1.3
Paper & Forest Products		1.0
Others (each less than 1.0%)		1.7
Short-Term Investment		2.9

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 94.9%
		Australia — 4.0%
	1,141	Australia & New Zealand Banking Group Ltd.		30,535
	3,780	Goodman Group		18,548
	1,982	Oil Search Ltd.		12,580
	2,168	Westfield Corp.		16,117

				77,780

		China — 1.4%
	2,816	ENN Energy Holdings Ltd.		20,268
	7,501	Sun Art Retail Group Ltd.		7,732

				28,000

		Denmark — 0.3%
	48	Chr Hansen Holding A/S		2,336
	136	Danske Bank A/S		3,862

				6,198

		Finland — 1.1%
	756	Stora Enso OYJ, Class R		7,955
	689	UPM-Kymmene OYJ		12,469

				20,424

		France — 8.4%
	232	Air Liquide S.A.		30,323
	349	Airbus Group N.V.		24,169
	882	AXA S.A.		22,312
	212	Publicis Groupe S.A.		17,776
	222	Renault S.A.		23,349
	350	Suez Environnement Co.		7,133
	175	Thales S.A.		10,651
	178	Valeo S.A.		28,564

				164,277

		Germany — 6.5%
	271	Bayer AG (a)		39,077
	53	Continental AG (a)		12,387
	374	Daimler AG		35,973
	697	E.ON SE		10,848
	390	SAP SE		29,471

				127,756

		Hong Kong — 3.1%
	5,606	China Overseas Land & Investment Ltd.		23,351
	1,688	Hutchison Whampoa Ltd.		24,872
	3,052	Sands China Ltd.		12,441

				60,664

		Ireland — 1.2%
	286	Shire plc		23,260

		Italy — 1.8%
	3,907	Enel S.p.A.		18,519


SHARES		SECURITY DESCRIPTION	VALUE($)


		Italy — continued
	4,738	Intesa Sanpaolo S.p.A.		15,917

				34,436

		Japan — 23.0%
	403	Daikin Industries Ltd.		27,136
	1,174	Daiwa House Industry Co., Ltd.		26,214
	684	Dentsu, Inc.		31,894
	946	DMG Mori Seiki Co., Ltd.		15,427
	2,783	Hitachi Ltd.		18,988
	640	Japan Airlines Co., Ltd.		21,349
	195	Japan Tobacco, Inc.		6,810
	3,094	Kajima Corp.		14,780
	46	Keyence Corp.		24,557
	1,054	Mazda Motor Corp.		20,666
	6,321	Mitsubishi UFJ Financial Group, Inc.		44,904
	864	Mitsui Fudosan Co., Ltd.		25,613
	2,668	Mitsui OSK Lines Ltd.		9,420
	550	NH Foods Ltd.		12,017
	5,457	Nippon Steel & Sumitomo Metal Corp.		14,195
	230	Nippon Telegraph & Telephone Corp.		15,544
	1,774	ORIX Corp.		27,280
	527	Seven & I Holdings Co., Ltd.		22,648
	121	SoftBank Corp.		7,570
	566	Sompo Japan Nipponkoa Holdings, Inc.		18,481
	464	Sumitomo Mitsui Financial Group, Inc.		20,278
	161	Suntory Beverage & Food Ltd.		6,843
	805	Yamato Holdings Co., Ltd.		18,010

				450,624

		Netherlands — 4.4%
	240	ASML Holding N.V.		25,806
	2,013	ING Groep N.V., CVA (a)		30,881
	936	Royal Dutch Shell plc, Class A		29,673

				86,360

		Norway — 1.5%
	1,937	Norsk Hydro ASA		9,173
	981	Statoil ASA		20,793

				29,966

		South Korea — 1.0%
	15	Samsung Electronics Co., Ltd.		19,528

		Spain — 0.6%
	1,546	Distribuidora Internacional de Alimentacion S.A.		12,379

		Sweden — 1.1%
	712	Electrolux AB, Series B		21,315

		Switzerland — 13.4%
	116	Cie Financiere Richemont S.A.		10,364

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	63

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	753	Nestle S.A.		58,442
	602	Novartis AG		61,434
	194	Roche Holding AG		55,657
	201	Swiss Re AG		17,852
	1,561	UBS Group AG (a)		31,177
	453	Wolseley plc		26,764

				261,690

		United Kingdom — 22.1%
	932	ARM Holdings plc		15,843
	413	AstraZeneca plc		28,314
	2,818	Aviva plc		22,673
	1,817	BG Group plc		32,915
	585	British American Tobacco plc		32,115
	1,978	Dixons Carphone plc		12,837
	4,358	HSBC Holdings plc		43,539
	351	InterContinental Hotels Group plc		15,008
	3,097	Kingfisher plc		16,637
	1,032	National Grid plc		13,878
	624	Pennon Group plc		8,196
	1,346	Prudential plc		33,518
	314	Reckitt Benckiser Group plc		27,965
	651	Rio Tinto plc		29,129
	418	SABMiller plc		22,102
	1,256	Smith & Nephew plc		21,382
	1,737	UBM plc		14,998
	11,868	Vodafone Group plc		41,814

				432,863

		Total Common Stocks (Cost $1,625,136)		1,857,520

	Preferred Stock — 1.4%
		Germany — 1.4%
	225	Henkel AG & Co. KGaA (Cost $19,595)		26,171

	Short-Term Investment — 3.2%
		Investment Company — 3.2%
	62,979	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $62,979)		62,979

		Total Investments — 99.5% (Cost $1,707,710)		1,946,670
		Other Assets in Excess of Liabilities — 0.5% (c)		9,913

		NET ASSETS — 100.0%	$	1,956,583

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Pharmaceuticals		10.7	%
Banks		9.8
Insurance		5.9
Oil, Gas & Consumable Fuels		4.9
Automobiles		4.1
Real Estate Management & Development		3.9
Food Products		3.6
Media		3.3
Household Products		2.8
Metals & Mining		2.7
Wireless Telecommunication Services		2.5
Electronic Equipment, Instruments & Components		2.2
Food & Staples Retailing		2.2
Semiconductors & Semiconductor Equipment		2.1
Auto Components		2.1
Tobacco		2.0
Aerospace & Defense		1.8
Real Estate Investment Trusts (REITs)		1.8
Chemicals		1.7
Multi-Utilities		1.6
Capital Markets		1.6
Specialty Retail		1.5
Software		1.5
Beverages		1.5
Hotels, Restaurants & Leisure		1.4
Diversified Financial Services		1.4
Building Products		1.4
Trading Companies & Distributors		1.4
Industrial Conglomerates		1.3
Health Care Equipment & Supplies		1.1
Airlines		1.1
Household Durables		1.1
Paper & Forest Products		1.0
Gas Utilities		1.0
Technology Hardware, Storage & Peripherals		1.0
Electric Utilities		1.0
Others (each less than 1.0%)		4.8
Short-Term Investment		3.2

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	49	TOPIX Index		06/11/15	$	6,519	$	(32	)
	228	Dow Jones Euro STOXX 50 Index		06/19/15		9,135		(299	)
	92	FTSE 100 Index		06/19/15		9,785		(140	)

							$	(471	)


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,300	EUR
	4,542	for GBP	State Street Corp.		05/11/15	$	6,971	#	$	7,074	#	$	103
	68,072	HKD
	1,042,251	for JPY	Westpac Banking Corp.		05/11/15		8,730	#		8,783	#		53
	519,617	JPY
	2,843	for GBP	Goldman Sachs International		05/11/15		4,363	#		4,352	#		(11	)
	71,409	AUD	Australia and New Zealand Banking Group Limited		05/11/15		54,925			56,488			1,563
	7,068	AUD	Standard Chartered Bank		05/11/15		5,526			5,591			65
	7,173	CAD	Union Bank of Switzerland AG		05/11/15		5,777			5,945			168
	5,889	CHF	Barclays Bank plc		05/11/15		6,081			6,314			233
	6,347	CHF	Royal Bank of Scotland		05/11/15		6,634			6,804			170
	5,812	CHF	Goldman Sachs International		08/13/15		6,218			6,254			36
	28,643	DKK	BNP Paribas		05/11/15		4,205			4,309			104
	110,159	DKK	HSBC Bank, N.A.		05/11/15		16,849			16,571			(278	)
	28,077	EUR	Barclays Bank plc		05/11/15		31,878			31,529			(349	)
	5,204	EUR	BNP Paribas		05/11/15		5,648			5,844			196
	7,566	EUR	Citibank, N.A.		05/11/15		8,612			8,496			(116	)
	16,840	EUR	Goldman Sachs International		05/11/15		18,695			18,910			215
	14,477	EUR	HSBC Bank, N.A.		05/11/15		16,409			16,257			(152	)
	9,468	EUR	National Australia Bank		05/11/15		10,116			10,632			516
	42,733	EUR	Standard Chartered Bank		05/11/15		46,361			47,987			1,626
	3,717	EUR	TD Bank Financial Group		05/11/15		4,212			4,174			(38	)
	14,827	EUR	Westpac Banking Corp.		05/11/15		16,541			16,650			109
	3,836	EUR	Citibank, N.A.		08/13/15		4,282			4,313			31
	4,520	EUR	State Street Corp.		08/13/15		5,081			5,083			2
	5,367	GBP	Standard Chartered Bank		05/11/15		7,925			8,237			312
	14,075	GBP	Union Bank of Switzerland AG		05/11/15		20,966			21,604			638
	2,464,390	JPY	Barclays Bank plc		05/11/15		20,855			20,641			(214	)
	495,043	JPY	BNP Paribas		05/11/15		4,166			4,146			(20	)
	1,596,359	JPY	Standard Chartered Bank		05/11/15		13,347			13,370			23
	1,131,366	JPY	State Street Corp.		05/11/15		9,487			9,476			(11	)
	1,000,777	JPY	Union Bank of Switzerland AG		05/11/15		8,337			8,382			45
	784,950	JPY	Goldman Sachs International		08/13/15		6,619			6,583			(36	)
	225,566	SEK	Goldman Sachs International		05/11/15		27,346			27,071			(275	)
	72,159	SEK	Union Bank of Switzerland AG		05/11/15		8,404			8,660			256

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	65

JPMorgan International Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	32,179	SGD	State Street Corp.		05/11/15	$	23,753	$	24,315	$	562
	5,461	SGD	Union Bank of Switzerland AG		05/11/15		4,020		4,127		107
						$	449,339	$	454,972	$	5,633

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	4,174	CAD	Citibank, N.A.		05/11/15	$	3,348	$	3,459	$	(111	)
	2,999	CAD	Credit Suisse International		05/11/15		2,367		2,485		(118	)
	6,134	CHF	HSBC Bank, N.A.		05/11/15		6,386		6,577		(191	)
	61,518	CHF	Union Bank of Switzerland AG		05/11/15		66,303		65,952		351
	3,079	CHF	Westpac Banking Corp.		05/11/15		3,338		3,301		37
	20,938	DKK	Morgan Stanley		05/11/15		3,178		3,149		29
	3,686	EUR	BNP Paribas		05/11/15		4,175		4,139		36
	4,443	EUR	Credit Suisse International		05/11/15		5,042		4,990		52
	23,256	EUR	Royal Bank of Canada		05/11/15		25,359		26,115		(756	)
	16,366	EUR	Union Bank of Switzerland AG		05/11/15		17,671		18,377		(706	)
	6,027	GBP	Barclays Bank plc		05/11/15		9,176		9,251		(75	)
	30,272	GBP	Citibank, N.A.		05/11/15		45,527		46,465		(938	)
	13,620	GBP	Goldman Sachs International		05/11/15		20,223		20,905		(682	)
	7,009	GBP	HSBC Bank, N.A.		05/11/15		10,476		10,757		(281	)
	3,601	GBP	Morgan Stanley		05/11/15		5,356		5,528		(172	)
	8,434	GBP	Royal Bank of Canada		05/11/15		12,512		12,946		(434	)
	2,961	GBP	Westpac Banking Corp.		05/11/15		4,343		4,545		(202	)
	55,084	HKD	Citibank, N.A.		05/11/15		7,106		7,107		(1	)
	147,452	HKD	Union Bank of Switzerland AG		05/11/15		19,020		19,025		(5	)
	1,485,670	JPY	Australia and New Zealand Banking Group Limited		05/11/15		12,366		12,444		(78	)
	902,494	JPY	Barclays Bank plc		05/11/15		7,599		7,559		40
	708,025	JPY	Goldman Sachs International		05/11/15		6,036		5,930		106
	2,845,288	JPY	HSBC Bank, N.A.		05/11/15		23,817		23,831		(14	)
	493,536	JPY	State Street Corp.		05/11/15		4,135		4,133		2
	622,138	JPY	Union Bank of Switzerland AG		05/11/15		5,258		5,211		47
	2,270,890	JPY	Westpac Banking Corp.		05/11/15		19,128		19,020		108
	110,176	NOK	State Street Corp.		05/11/15		14,149		14,629		(480	)
						$	363,394	$	367,830	$	(4,436	)

#	For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2015 of the currency being sold, and the value at April 30, 2015 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 95.8%
		Australia — 5.6%
	515	AMP Ltd.		2,606
	288	Australia & New Zealand Banking Group Ltd.		7,713
	449	BGP Holdings plc (a) (i)		—	(h)
	313	BHP Billiton Ltd.		8,000
	41	BHP Billiton plc		977
	101	Commonwealth Bank of Australia		7,076
	339	Dexus Property Group		1,970
	854	Goodman Group		4,190
	52	Macquarie Group Ltd.		3,167
	40	National Australia Bank Ltd.		1,149
	91	Origin Energy Ltd.		909
	130	Wesfarmers Ltd.		4,497
	104	Westpac Banking Corp.		2,974

				45,228

		Belgium — 0.8%
	34	Delhaize Group S.A.		2,775
	27	Solvay S.A.		3,957

				6,732

		Denmark — 2.2%
	1	AP Moeller — Maersk A/S, Class B		1,768
	47	Chr Hansen Holding A/S		2,295
	127	Danske Bank A/S		3,597
	176	Novo Nordisk A/S, Class B		9,854

				17,514

		Finland — 1.6%
	59	Cargotec Oyj		2,397
	259	Nokia OYJ		1,747
	245	Outokumpu OYJ (a)		1,476
	239	UPM-Kymmene OYJ		4,316
	66	Wartsila OYJ Abp		3,048

				12,984

		France — 10.8%
	51	Air Liquide S.A.		6,698
	92	Airbus Group N.V.		6,386
	670	Alcatel-Lucent (a)		2,325
	186	Altran Technologies S.A.		2,026
	266	AXA S.A.		6,716
	94	BNP Paribas S.A.		5,922
	33	Cap Gemini S.A.		2,949
	283	GDF Suez		5,763
	27	Lafarge S.A.		2,006
	8	L’Oreal S.A. (a)		1,487
	396	Natixis S.A.		3,279
	56	Publicis Groupe S.A.		4,737


SHARES		SECURITY DESCRIPTION	VALUE($)


		France — continued
	57	Renault S.A.		5,993
	103	Sanofi		10,531
	86	Schneider Electric SE		6,462
	91	Societe Generale S.A.		4,535
	42	Thales S.A.		2,581
	131	TOTAL S.A.		7,084

				87,480

		Germany — 8.1%
	45	Allianz SE		7,719
	18	BASF SE		1,810
	78	Bayer AG (a)		11,256
	61	Bayerische Motoren Werke AG		7,249
	75	Brenntag AG		4,475
	5	Continental AG (a)		1,233
	43	Deutsche Bank AG		1,382
	120	Deutsche Post AG		3,951
	353	Deutsche Telekom AG		6,495
	166	E.ON SE		2,577
	56	HeidelbergCement AG		4,264
	6	Muenchener Rueckversicherungs-Gesellschaft AG		1,212
	98	SAP SE		7,423
	44	Siemens AG		4,779

				65,825

		Hong Kong — 2.7%
	262	AIA Group Ltd.		1,744
	267	CK Hutchison Holdings Ltd.		5,795
	107	Hang Seng Bank Ltd.		2,078
	401	Hutchison Whampoa Ltd.		5,912
	262	Power Assets Holdings Ltd.		2,649
	535	Sands China Ltd.		2,180
	185	Wharf Holdings Ltd. (The)		1,335

				21,693

		Ireland — 1.2%
	50	Ryanair Holdings plc, ADR		3,273
	76	Shire plc		6,159

				9,432

		Israel — 0.3%
	45	Teva Pharmaceutical Industries Ltd., ADR		2,735

		Italy — 2.2%
	203	Assicurazioni Generali S.p.A.		3,961
	1,079	Enel Green Power S.p.A.		2,095
	705	Enel S.p.A.		3,344
	3,220	Telecom Italia S.p.A. (a)		3,800

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	67

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Italy — continued
	676	UniCredit S.p.A.		4,851

				18,051

		Japan — 22.1%
	249	Amada Holdings Co., Ltd.		2,513
	31	Central Japan Railway Co.		5,573
	293	Daicel Corp.		3,532
	44	Daikin Industries Ltd.		2,977
	109	Daiwa House Industry Co., Ltd.		2,425
	57	Dentsu, Inc.		2,671
	142	DMG Mori Seiki Co., Ltd.		2,322
	64	East Japan Railway Co.		5,657
	78	Electric Power Development Co., Ltd.		2,619
	22	FANUC Corp.		4,729
	115	Fuji Heavy Industries Ltd.		3,852
	474	Fujitsu Ltd.		3,143
	568	Hitachi Ltd.		3,875
	78	Honda Motor Co., Ltd.		2,612
	51	Japan Tobacco, Inc.		1,767
	156	JFE Holdings, Inc.		3,520
	531	JX Holdings, Inc.		2,311
	669	Kajima Corp.		3,196
	151	KDDI Corp.		3,564
	8	Keyence Corp.		4,057
	271	Kirin Holdings Co., Ltd.		3,584
	103	LIXIL Group Corp.		2,143
	39	Mabuchi Motor Co., Ltd.		2,341
	136	Mazda Motor Corp.		2,670
	144	Medipal Holdings Corp.		1,958
	1,239	Mitsubishi UFJ Financial Group, Inc.		8,802
	94	Mitsui & Co., Ltd.		1,321
	146	Mitsui Fudosan Co., Ltd.		4,320
	135	MS&AD Insurance Group Holdings, Inc.		3,869
	48	NGK Spark Plug Co., Ltd.		1,332
	1,244	Nippon Steel & Sumitomo Metal Corp.		3,236
	83	Nippon Telegraph & Telephone Corp.		5,598
	688	Nishi-Nippon City Bank Ltd. (The)		2,192
	38	Nitori Holdings Co., Ltd.		2,960
	199	ORIX Corp.		3,066
	95	Otsuka Holdings Co., Ltd.		3,008
	228	Ricoh Co., Ltd.		2,354
	99	Seiko Epson Corp.		1,737
	124	Seven & I Holdings Co., Ltd.		5,330
	189	Sony Corp. (a)		5,710
	611	Sumitomo Bakelite Co., Ltd.		2,786
	59	Sumitomo Corp.		699


SHARES		SECURITY DESCRIPTION	VALUE($)


		Japan — continued
	159	Sumitomo Mitsui Financial Group, Inc.		6,960
	72	Suntory Beverage & Food Ltd.		3,054
	77	Suzuken Co., Ltd.		2,422
	50	Sysmex Corp.		2,767
	295	Takashimaya Co., Ltd.		2,753
	610	Tokyo Gas Co., Ltd.		3,519
	216	Toyota Motor Corp.		15,064
	113	Yamato Holdings Co., Ltd.		2,518
	149	Yamazaki Baking Co., Ltd.		2,637

				179,625

		Luxembourg — 0.3%
	230	ArcelorMittal		2,450

		Netherlands — 4.1%
	386	Aegon N.V.		3,047
	28	ASML Holding N.V.		2,970
	54	Heineken N.V.		4,246
	304	ING Groep N.V., CVA (a)		4,657
	60	NN Group N.V. (a)		1,750
	309	Royal Dutch Shell plc, Class A		9,736
	214	Royal Dutch Shell plc, Class B		6,856

				33,262

		New Zealand — 0.4%
	1,298	Spark New Zealand Ltd.		2,937

		Norway — 0.6%
	148	DNB ASA		2,624
	96	Telenor ASA		2,164

				4,788

		Portugal — 0.2%
	444	EDP — Energias de Portugal S.A.		1,774

		Singapore — 0.9%
	339	DBS Group Holdings Ltd.		5,382
	259	Singapore Exchange Ltd.		1,665

				7,047

		Spain — 2.8%
	113	Banco Bilbao Vizcaya Argentaria S.A.		1,137
	603	Banco Santander S.A. (a)		4,558
	1,723	Bankia S.A. (a)		2,406
	429	Distribuidora Internacional de Alimentacion S.A.		3,433
	173	Repsol S.A.		3,556
	492	Telefonica S.A.		7,496

				22,586

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Sweden — 1.8%
	57	Assa Abloy AB, Class B		3,297
	121	Electrolux AB, Series B		3,610
	25	Hennes & Mauritz AB, Class B		989
	380	Nordea Bank AB		4,824
	164	Telefonaktiebolaget LM Ericsson, Class B		1,792

				14,512

		Switzerland — 8.1%
	46	Cie Financiere Richemont S.A.		4,064
	45	Credit Suisse Group AG (a)		1,196
	122	Logitech International S.A.		1,832
	233	Nestle S.A.		18,096
	125	Novartis AG		12,808
	37	Roche Holding AG		10,479
	37	Swiss Re AG		3,274
	484	UBS Group AG (a)		9,665
	76	Wolseley plc		4,525

				65,939

		United Kingdom — 19.0%
	403	3i Group plc		3,122
	67	Anglo American plc		1,127
	58	Associated British Foods plc		2,544
	124	AstraZeneca plc		8,525
	484	Aviva plc		3,897
	303	BAE Systems plc		2,350
	1,983	Barclays plc		7,759
	338	Barratt Developments plc		2,683
	364	BG Group plc		6,588
	1,072	BP plc		7,729
	186	British American Tobacco plc		10,200
	141	Burberry Group plc		3,766
	1,198	Debenhams plc		1,646
	529	Dixons Carphone plc		3,436
	265	Domino’s Pizza Group plc		3,215
	182	GlaxoSmithKline plc		4,197
	180	HSBC Holdings plc		1,788
	995	HSBC Holdings plc		9,945
	56	Indivior plc (a)		173
	96	InterContinental Hotels Group plc		4,095
	1,021	ITV plc		3,963
	1,733	Lloyds Banking Group plc		2,052
	137	Prudential plc		3,417
	73	Reckitt Benckiser Group plc		6,510
	59	Rio Tinto Ltd.		2,656
	53	Rio Tinto plc		2,359
	367	RSA Insurance Group plc		2,401


SHARES		SECURITY DESCRIPTION	VALUE($)


		United Kingdom — continued
	127	SABMiller plc		6,740
	693	SIG plc		2,058
	211	Smith & Nephew plc		3,590
	220	SSE plc		5,214
	981	Taylor Wimpey plc		2,491
	179	Tesco plc		604
	239	UBM plc		2,064
	158	Unilever N.V., CVA		6,890
	2,745	Vodafone Group plc		9,672
	33	Whitbread plc		2,636

				154,102

		Total Common Stocks (Cost $664,009)		776,696

	Preferred Stocks — 1.3%
		Germany — 1.3%
	54	Henkel AG & Co. KGaA		6,318
	17	Volkswagen AG		4,334

		Total Preferred Stocks (Cost $6,900)		10,652

	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	17,887	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050%, (b) (l) (Cost $17,887)		17,887

		Total Investments — 99.3% (Cost $688,796)		805,235
		Other Assets in Excess of Liabilities — 0.7% (c)		5,536

		NET ASSETS — 100.0%	$	810,771

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	69

JPMorgan International Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		13.4	%
Pharmaceuticals		9.9
Insurance		5.7
Oil, Gas & Consumable Fuels		5.6
Automobiles		5.2
Food Products		3.7
Diversified Telecommunication Services		3.5
Metals & Mining		3.2
Chemicals		2.6
Capital Markets		2.3
Beverages		2.2
Food & Staples Retailing		2.1
Machinery		1.9
Household Durables		1.8
Real Estate Management & Development		1.7
Media		1.7
Wireless Telecommunication Services		1.6


INDUSTRY	PERCENTAGE
Trading Companies & Distributors		1.6	%
Electric Utilities		1.6
Household Products		1.6
Hotels, Restaurants & Leisure		1.5
Tobacco		1.5
Aerospace & Defense		1.4
Road & Rail		1.4
Industrial Conglomerates		1.3
Electrical Equipment		1.1
Building Products		1.0
Multi-Utilities		1.0
IT Services		1.0
Electronic Equipment, Instruments & Components		1.0
Textiles, Apparel & Luxury Goods		1.0
Others (each less than 1.0%)		11.7
Short-Term Investment		2.2


Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	39	TOPIX Index		06/11/15	$	5,189	$	20
	180	Dow Jones Euro STOXX 50 Index		06/19/15		7,211		(61	)
	44	FTSE 100 Index		06/19/15		4,680		102

							$	61

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 88.6%
		Canada — 6.6%
	5	Canadian National Railway Co.		342
	12	MEG Energy Corp. (a)		227
	8	Suncor Energy, Inc.		267
	14	Toronto-Dominion Bank (The)		628

				1,464

		China — 6.3%
	4	Baidu, Inc., ADR (a)		770
	44	Ping An Insurance Group Co. of China Ltd., Class H		622

				1,392

		France — 12.0%
	11	Accor S.A.		617
	19	AXA S.A.		475
	37	Orange S.A.		605
	5	Sanofi		505
	6	Schneider Electric SE		438

				2,640

		Germany — 3.1%
	4	Fresenius Medical Care AG & Co. KGaA		299
	13	Zalando SE (a) (e)		391

				690

		Hong Kong — 2.9%
	30	CK Hutchison Holdings Ltd.		640

		India — 3.8%
	7	HDFC Bank Ltd., ADR		398
	40	ICICI Bank Ltd., ADR		440

				838

		Ireland — 1.8%
	5	Shire plc		394

		Italy — 2.1%
	142	Intesa Sanpaolo S.p.A.		477

		Japan — 11.8%
	16	Japan Tobacco, Inc.		573
	21	KDDI Corp.		492
	16	Kubota Corp.		251
	8	Makita Corp.		389
	11	Sumitomo Mitsui Financial Group, Inc.		493
	6	Toyota Motor Corp.		404

				2,602

		Netherlands — 4.6%
	8	Akzo Nobel N.V.		598
	28	ING Groep N.V., CVA (a)		422

				1,020


SHARES		SECURITY DESCRIPTION	VALUE($)


		South Africa — 2.0%
	3	Naspers Ltd., Class N		435

		South Korea — 2.4%
	1	Samsung Electronics Co., Ltd., Reg. S, GDR		526

		Switzerland — 11.6%
	2	Actelion Ltd. (a)		217
	5	Cie Financiere Richemont S.A.		419
	6	Holcim Ltd. (a)		489
	4	Novartis AG		398
	2	Roche Holding AG		622
	21	UBS Group AG (a)		425

				2,570

		Taiwan — 1.8%
	16	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		395

		United Kingdom — 15.8%
	23	ARM Holdings plc		394
	160	Barclays plc		628
	24	BG Group plc		433
	50	Meggitt plc		401
	17	Prudential plc		411
	23	Smith & Nephew plc		394
	119	Vodafone Group plc		420
	17	WPP plc		395

				3,476

		Total Common Stocks (Cost $18,472)		19,559

	Short-Term Investment — 7.3%
		Investment Company — 7.3%
	1,600	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $1,600)		1,600

		Total Investments — 95.9% (Cost $20,072)		21,159
		Other Assets in Excess of Liabilities — 4.1%		894

		NET ASSETS — 100.0%	$	22,053

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	71

JPMorgan International Unconstrained Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		16.5	%
Pharmaceuticals		9.1
Insurance		7.1
Oil, Gas & Consumable Fuels		4.4
Wireless Telecommunication Services		4.3
Media		3.9
Semiconductors & Semiconductor Equipment		3.7
Internet Software & Services		3.6
Real Estate Management & Development		3.0
Machinery		3.0
Hotels, Restaurants & Leisure		2.9
Diversified Telecommunication Services		2.9
Chemicals		2.8
Tobacco		2.7


INDUSTRY	PERCENTAGE
Technology Hardware, Storage & Peripherals		2.5	%
Construction Materials		2.3
Electrical Equipment		2.1
Capital Markets		2.0
Textiles, Apparel & Luxury Goods		2.0
Automobiles		1.9
Aerospace & Defense		1.9
Health Care Equipment & Supplies		1.9
Internet & Catalog Retail		1.8
Road & Rail		1.6
Health Care Providers & Services		1.4
Biotechnology		1.0
Others (each less than 1.0%)		0.1
Short-Term Investment		7.6

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 97.1%
		Australia — 3.3%
	1,722	Australia & New Zealand Banking Group Ltd.		46,075
	3,461	Goodman Group (m)		16,983
	3,438	Oil Search Ltd.		21,826

				84,884

		Belgium — 2.0%
	285	KBC Groep N.V. (a)		18,745
	221	Solvay S.A.		32,482

				51,227

		Brazil — 0.7%
	1,401	Itau Unibanco Holding S.A. (Preference Shares), ADR		17,963

		China — 1.0%
	29,316	Industrial & Commercial Bank of China Ltd., Class H		25,431

		Finland — 0.9%
	1,214	UPM-Kymmene OYJ		21,961

		France — 13.6%
	371	Airbus Group N.V.		25,729
	2,051	AXA S.A.		51,858
	761	BNP Paribas S.A.		48,063
	151	Cap Gemini S.A.		13,494
	1,716	GDF Suez		34,915
	216	Publicis Groupe S.A.		18,144
	377	Renault S.A.		39,623
	211	Schneider Electric SE		15,759
	250	Societe Generale S.A.		12,488
	251	Sodexo S.A.		25,413
	1,072	TOTAL S.A.		58,075

				343,561

		Germany — 7.1%
	240	Bayer AG (a)		34,552
	347	Brenntag AG		20,797
	334	Daimler AG		32,095
	1,993	Deutsche Telekom AG		36,640
	222	HeidelbergCement AG		17,030
	1,225	Infineon Technologies AG		14,407
	1,326	TUI AG		24,727

				180,248

		Hong Kong — 1.0%
	1,699	Hutchison Whampoa Ltd.		25,034

		India — 0.5%
	432	Infosys Ltd., ADR		13,372


SHARES		SECURITY DESCRIPTION	VALUE($)


		Ireland — 1.8%
	322	Ryanair Holdings plc, ADR		20,890
	300	Shire plc		24,382

				45,272

		Italy — 5.2%
	1,131	Assicurazioni Generali S.p.A.		22,107
	8,369	Enel S.p.A.		39,671
	8,129	Intesa Sanpaolo S.p.A.		27,309
	20,286	Telecom Italia S.p.A. (a)		23,943
	2,486	UniCredit S.p.A.		17,843

				130,873

		Japan — 22.9%
	190	Daikin Industries Ltd.		12,814
	1,313	Daiwa House Industry Co., Ltd.		29,311
	114	Dentsu, Inc.		5,296
	4,004	Hitachi Ltd.		27,319
	786	Japan Airlines Co., Ltd.		26,220
	376	Japan Tobacco, Inc.		13,116
	3,503	Kawasaki Heavy Industries Ltd.		18,054
	721	Mazda Motor Corp. (m)		14,127
	11,896	Mitsubishi UFJ Financial Group, Inc.		84,516
	1,166	Mitsui Fudosan Co., Ltd.		34,565
	4,726	Mitsui OSK Lines Ltd.		16,686
	622	Nippon Telegraph & Telephone Corp.		41,974
	1,312	ORIX Corp.		20,183
	791	Seven & I Holdings Co., Ltd.		34,009
	759	Sompo Japan Nipponkoa Holdings, Inc.		24,783
	1,472	Sony Corp. (a)		44,513
	635	Sumitomo Mitsui Financial Group, Inc.		27,736
	1,285	Toyota Motor Corp.		89,419
	621	Yamaha Motor Co., Ltd.		14,618

				579,259

		Luxembourg — 1.0%
	2,359	ArcelorMittal		25,103

		Netherlands — 4.9%
	2,419	ING Groep N.V., CVA (a)		37,111
	7,685	Koninklijke KPN N.V.		28,494
	670	NN Group N.V. (a)		19,542
	1,215	Royal Dutch Shell plc, Class A		38,315

				123,462

		Norway — 1.9%
	1,413	DNB ASA		25,105
	4,632	Norsk Hydro ASA		21,938

				47,043

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	73

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Singapore — 0.9%
	1,404	DBS Group Holdings Ltd.		22,305

		South Korea — 1.6%
	31	Samsung Electronics Co., Ltd.		40,942

		Spain — 3.3%
	2,618	Banco Bilbao Vizcaya Argentaria S.A.		26,305
	10,949	Bankia S.A. (a)		15,291
	2,038	Repsol S.A.		42,020

				83,616

		Sweden — 1.2%
	1,043	Electrolux AB, Series B		31,234

		Switzerland — 5.9%
	526	Credit Suisse Group AG (a)		13,933
	410	Nestle S.A.		31,839
	290	Novartis AG		29,554
	160	Roche Holding AG		45,734
	477	Wolseley plc		28,220

				149,280

		United Kingdom — 16.4%
	568	AstraZeneca plc		38,997
	4,131	Aviva plc		33,232
	3,076	BAE Systems plc (m)		23,832
	11,657	Barclays plc		45,606
	2,380	BG Group plc		43,116
	454	British American Tobacco plc		24,959
	2,141	Dixons Carphone plc		13,896
	567	InterContinental Hotels Group plc		24,239
	1,853	National Grid plc		24,932
	1,849	Prudential plc		46,041
	140	Reckitt Benckiser Group plc		12,466
	233	SABMiller plc		12,332
	20,228	Vodafone Group plc		71,268

				414,916

		Total Common Stocks (Cost $2,150,282)		2,456,986

	Preferred Stock — 0.9%
		Germany — 0.9%
	237	Porsche Automobil Holding SE (Cost $25,198)		22,485


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 0.2%
		Investment Company — 0.2%
	4,663	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $4,663)		4,663

		Total Investments — 98.2% (Cost $2,180,143)		2,484,134
		Other Assets in Excess of Liabilities — 1.8%		46,085

		NET ASSETS — 100.0%	$	2,530,219

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		20.0	%
Automobiles		8.5
Oil, Gas & Consumable Fuels		8.2
Insurance		8.0
Pharmaceuticals		7.0
Diversified Telecommunication Services		5.3
Household Durables		3.0
Hotels, Restaurants & Leisure		3.0
Wireless Telecommunication Services		2.9
Real Estate Management & Development		2.5
Multi-Utilities		2.4
Aerospace & Defense		2.0
Trading Companies & Distributors		2.0
Airlines		1.9
Metals & Mining		1.9
Technology Hardware, Storage & Peripherals		1.6
Electric Utilities		1.6
Tobacco		1.5
Food & Staples Retailing		1.4
Chemicals		1.3
Food Products		1.3
Electronic Equipment, Instruments & Components		1.1
IT Services		1.1
Industrial Conglomerates		1.0
Others (each less than 1.0%)		9.3
Short-Term Investment		0.2

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE			VALUE AT APRIL 30, 2015			NET UNREALIZED APPRECIATION (DEPRECIATION)
	8,698	EUR
	12,299	for AUD	Deutsche Bank AG		05/29/15	$	9,719	#	$	9,770	#	$	51
	8,139	EUR
	8,393	for CHF	Barclays Bank plc		05/29/15		9,005	#		9,142	#		137
	195,175	AUD	Australia and New Zealand Banking Group Limited		05/29/15		150,530			154,233			3,703
	10,411	AUD	HSBC Bank, N.A.		05/29/15		7,995			8,227			232
	8,664	CHF	Australia and New Zealand Banking Group Limited		05/29/15		9,351			9,296			(55	)
	7,472	CHF	Barclays Bank plc		05/29/15		7,840			8,016			176
	6,506	CHF	BNP Paribas		05/29/15		6,844			6,979			135
	11,903	CHF	Citibank, N.A.		05/29/15		12,624			12,770			146
	19,102	CHF	Deutsche Bank AG		05/29/15		19,455			20,493			1,038
	11,305	CHF	HSBC Bank, N.A.		05/29/15		11,512			12,128			616
	17,106	CHF	Morgan Stanley		05/29/15		18,039			18,351			312
	9,799	CHF	State Street Corp.		05/29/15		10,203			10,512			309
	18,647	CHF	Union Bank of Switzerland AG		05/29/15		19,233			20,005			772
	9,585	CHF	Westpac Banking Corp.		05/29/15		10,116			10,283			167
	71,183	DKK	BNP Paribas		05/29/15		10,154			10,716			562
	77,512	DKK	Citibank, N.A.		05/29/15		11,985			11,669			(316	)
	49,833	DKK	Royal Bank of Scotland		05/29/15		7,119			7,502			383
	30,093	EUR	Credit Suisse International		05/29/15		32,479			33,801			1,322
	70,001	EUR	Deutsche Bank AG		05/29/15		74,116			78,626			4,510
	58,349	EUR	Morgan Stanley		05/29/15		61,992			65,539			3,547
	34,809	EUR	Royal Bank of Canada		05/29/15		37,809			39,098			1,289
	107,970	EUR	Union Bank of Switzerland AG		05/29/15		116,946			121,274			4,328
	104,352	EUR	Westpac Banking Corp.		05/29/15		112,210			117,210			5,000
	14,480	GBP	Australia and New Zealand Banking Group Limited		05/29/15		21,460			22,223			763
	31,741	GBP	Deutsche Bank AG		05/29/15		46,328			48,714			2,386
	43,744	GBP	Goldman Sachs International		05/29/15		64,816			67,134			2,318
	13,463	GBP	HSBC Bank, N.A.		05/29/15		20,216			20,662			446
	17,807	GBP	Royal Bank of Canada		05/29/15		27,078			27,329			251
	29,295	GBP	Standard Chartered Bank		05/29/15		43,629			44,960			1,331
	64,310	GBP	Union Bank of Switzerland AG		05/29/15		99,211			98,698			(513	)
	31,674	GBP	Westpac Banking Corp.		05/29/15		47,089			48,610			1,521
	47,082	HKD	Barclays Bank plc		05/29/15		6,070			6,075			5
	151,729	HKD	Goldman Sachs International		05/29/15		19,576			19,577			1
	91,123	HKD	HSBC Bank, N.A.		05/29/15		11,748			11,757			9
	89,528	HKD	Westpac Banking Corp.		05/29/15		11,540			11,551			11
	737,063	JPY	BNP Paribas		05/29/15		6,182			6,174			(8	)
	3,768,583	JPY	Citibank, N.A.		05/29/15		31,666			31,570			(96	)
	10,209,048	JPY	Deutsche Bank AG		05/29/15		84,915			85,522			607
	5,375,788	JPY	Goldman Sachs International		05/29/15		44,509			45,034			525
	8,280,357	JPY	HSBC Bank, N.A.		05/29/15		69,173			69,366			193
	1,104,516	JPY	National Australia Bank		05/29/15		9,191			9,253			62
	1,455,922	JPY	Royal Bank of Scotland		05/29/15		12,185			12,196			11
	4,024,288	JPY	Standard Chartered Bank		05/29/15		33,667			33,712			45
	2,891,663	JPY	Westpac Banking Corp.		05/29/15		24,126			24,224			98
	290,174	SEK	Deutsche Bank AG		05/29/15		34,543			34,838			295
	254,437	SEK	Goldman Sachs International		05/29/15		29,944			30,548			604
	42,015	SGD	Barclays Bank plc		05/29/15		30,797			31,736			939
						$	1,596,935		$	1,637,103		$	40,168

#	For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2015 of the currency being sold, and the value at April 30, 2015 is the U.S. dollar market value of the currency being purchased.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	75

JPMorgan International Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT APRIL 30, 2015		NET UNREALIZED APPRECIATION (DEPRECIATION)
	23,001	AUD	Citibank, N.A.		05/29/15	$	17,723	$	18,177	$	(454	)
	24,593	AUD	Credit Suisse International		05/29/15		18,872		19,434		(562	)
	20,656	AUD	National Australia Bank		05/29/15		15,809		16,323		(514	)
	9,472	CHF	BNP Paribas		05/29/15		9,470		10,162		(692	)
	8,716	CHF	Citibank, N.A.		05/29/15		9,151		9,351		(200	)
	80,457	CHF	Deutsche Bank AG		05/29/15		85,036		86,315		(1,279	)
	7,821	CHF	Royal Bank of Canada		05/29/15		8,203		8,391		(188	)
	9,614	CHF	Royal Bank of Scotland		05/29/15		9,597		10,313		(716	)
	14,959	CHF	State Street Corp.		05/29/15		15,289		16,048		(759	)
	150,701	DKK	Union Bank of Switzerland AG		05/29/15		22,924		22,687		237
	79,750	EUR	Australia and New Zealand Banking Group Limited		05/29/15		86,177		89,576		(3,399	)
	90,947	EUR	Citibank, N.A.		05/29/15		97,387		102,153		(4,766	)
	122,791	EUR	Credit Suisse International		05/29/15		139,305		137,922		1,383
	87,358	EUR	Goldman Sachs International		05/29/15		95,846		98,122		(2,276	)
	5,846	EUR	HSBC Bank, N.A.		05/29/15		6,292		6,566		(274	)
	10,147	EUR	Morgan Stanley		05/29/15		11,488		11,397		91
	103,235	EUR	State Street Corp.		05/29/15		110,515		115,955		(5,440	)
	14,925	EUR	TD Bank Financial Group		05/29/15		16,902		16,763		139
	7,704	EUR	Union Bank of Switzerland AG		05/29/15		8,511		8,654		(143	)
	19,472	EUR	Westpac Banking Corp.		05/29/15		22,160		21,871		289
	23,889	GBP	Barclays Bank plc		05/29/15		35,537		36,663		(1,126	)
	25,524	GBP	Citibank, N.A.		05/29/15		38,108		39,172		(1,064	)
	10,046	GBP	Goldman Sachs International		05/29/15		15,519		15,418		101
	35,553	GBP	HSBC Bank, N.A.		05/29/15		52,380		54,564		(2,184	)
	6,409	GBP	Morgan Stanley		05/29/15		9,530		9,836		(306	)
	20,688	GBP	Royal Bank of Scotland		05/29/15		31,523		31,751		(228	)
	23,073	GBP	Societe Generale		05/29/15		34,408		35,410		(1,002	)
	12,226	GBP	Standard Chartered Bank		05/29/15		18,353		18,762		(409	)
	75,612	GBP	State Street Corp.		05/29/15		111,006		116,044		(5,038	)
	46,367	HKD	Goldman Sachs International		05/29/15		5,983		5,983		—	(h)
	91,891	HKD	State Street Corp.		05/29/15		11,854		11,856		(2	)
	6,850,006	JPY	Barclays Bank plc		05/29/15		57,378		57,383		(5	)
	16,513,584	JPY	Citibank, N.A.		05/29/15		137,945		138,337		(392	)
	1,130,993	JPY	Deutsche Bank AG		05/29/15		9,454		9,474		(20	)
	5,221,384	JPY	Goldman Sachs International		05/29/15		43,409		43,740		(331	)
	724,088	JPY	HSBC Bank, N.A.		05/29/15		6,070		6,066		4
	1,877,754	JPY	Morgan Stanley		05/29/15		15,586		15,730		(144	)
	4,630,548	JPY	Standard Chartered Bank		05/29/15		38,839		38,791		48
	4,740,435	JPY	Union Bank of Switzerland AG		05/29/15		39,447		39,711		(264	)
	126,980	NOK	State Street Corp.		05/29/15		15,742		16,851		(1,109	)
	87,074	NOK	Union Bank of Switzerland AG		05/29/15		11,401		11,556		(155	)
	71,961	SEK	Citibank, N.A.		05/29/15		8,366		8,640		(274	)
	107,029	SEK	State Street Corp.		05/29/15		12,143		12,850		(707	)
	16,310	SGD	Union Bank of Switzerland AG		05/29/15		11,926		12,320		(394	)
						$	1,578,564	$	1,613,088	$	(34,524	)

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — 97.5%
		Australia — 6.6%
	1,314	Asciano Ltd.		6,830
	554	Australia & New Zealand Banking Group Ltd.		14,828
	614	Bank of Queensland Ltd.		6,301
	580	Bendigo & Adelaide Bank Ltd.		5,524
	812	BHP Billiton Ltd.		20,748
	1,675	Echo Entertainment Group Ltd.		5,982
	7,587	Fairfax Media Ltd.		6,243
	1,636	GPT Group (The)		5,766
	1,483	Harvey Norman Holdings Ltd.		5,142
	567	Lend Lease Group		7,164
	123	Macquarie Group Ltd.		7,524
	447	Newcrest Mining Ltd. (a)		5,010
	936	Westfield Corp.		6,960
	606	Westpac Banking Corp.		17,410
	269	Woodside Petroleum Ltd.		7,424

				128,856

		Austria — 0.4%
	135	ams AG		7,356

		Belgium — 2.0%
	176	Anheuser-Busch InBev N.V.		21,464
	153	Belgacom S.A.		5,701
	209	bpost S.A.		5,995
	77	Delhaize Group S.A.		6,223

				39,383

		China — 0.4%
	7,956	China Construction Bank Corp., Class H		7,723

		Denmark — 1.5%
	3	AP Moeller — Maersk A/S, Class B		6,940
	252	Danske Bank A/S		7,152
	140	Novo Nordisk A/S, Class B		7,884
	72	Pandora A/S		7,437

				29,413

		Finland — 0.9%
	596	Stora Enso OYJ, Class R		6,267
	209	Tieto OYJ		5,009
	352	UPM-Kymmene OYJ		6,369

				17,645

		France — 10.3%
	544	Altran Technologies S.A.		5,929
	513	AXA S.A.		12,964
	230	BNP Paribas S.A.		14,500
	89	Cap Gemini S.A.		7,922
	528	Credit Agricole S.A.		8,216


SHARES		SECURITY DESCRIPTION	VALUE($)


		France — continued
	109	Faurecia		5,167
	38	Gaztransport Et Technigaz S.A.		2,295
	390	GDF Suez		7,936
	63	LVMH Moet Hennessy Louis Vuitton SE		11,002
	911	Natixis S.A.		7,539
	488	Orange S.A.		8,032
	69	Pernod Ricard S.A.		8,570
	96	Publicis Groupe S.A.		8,054
	70	Renault S.A.		7,340
	113	Safran S.A.		8,248
	244	Sanofi		24,840
	188	Societe Generale S.A.		9,380
	725	Technicolor S.A. (a)		4,919
	98	Teleperformance		7,383
	429	TOTAL S.A.		23,236
	44	Valeo S.A.		7,016

				200,488

		Germany — 7.9%
	102	Allianz SE		17,339
	101	Aurubis AG		6,397
	165	Bayer AG (a)		23,796
	82	Bayerische Motoren Werke AG		9,726
	33	Continental AG (a)		7,775
	197	Daimler AG		18,956
	182	Deutsche Annington Immobilien SE		6,094
	215	Freenet AG		6,962
	91	Fresenius Medical Care AG & Co. KGaA		7,681
	118	Fresenius SE & Co. KGaA		7,050
	62	Hannover Rueck SE		6,339
	92	HeidelbergCement AG		7,081
	81	KUKA AG		5,730
	78	Merck KGaA		8,383
	123	OSRAM Licht AG		6,503
	146	ProSiebenSat.1 Media AG		7,473

				153,285

		Hong Kong — 2.0%
	831	Cheung Kong Infrastructure Holdings Ltd.		7,040
	1,350	China Overseas Land & Investment Ltd.		5,623
	448	CK Hutchison Holdings Ltd.		9,718
	617	Hutchison Whampoa Ltd.		9,091
	523	Swire Pacific Ltd., Class A		7,054

				38,526

		India — 0.3%
	103	HDFC Bank Ltd., ADR		5,827

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	77

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Ireland — 2.0%
	104	DCC plc		6,630
	1,242	Greencore Group plc		6,740
	97	Ryanair Holdings plc, ADR		6,296
	139	Shire plc		11,313
	77	Smurfit Kappa Group plc		2,369
	161	Smurfit Kappa Group plc		4,912

				38,260

		Israel — 0.6%
	209	Teva Pharmaceutical Industries Ltd., ADR		12,644

		Italy — 1.6%
	1,577	Enel S.p.A.		7,477
	2,977	Intesa Sanpaolo S.p.A.		10,003
	641	Mediobanca S.p.A.		6,218
	5,890	Telecom Italia S.p.A. (a)		6,951

				30,649

		Japan — 22.4%
	202	Asahi Group Holdings Ltd.		6,499
	714	Asahi Kasei Corp.		6,724
	572	Astellas Pharma, Inc.		8,911
	1,112	Bank of Yokohama Ltd. (The)		7,057
	222	Bridgestone Corp.		9,307
	270	Brother Industries Ltd.		4,296
	302	Canon, Inc.		10,775
	355	Casio Computer Co., Ltd.		7,184
	856	Citizen Holdings Co., Ltd.		6,774
	529	Daicel Corp.		6,372
	60	Disco Corp.		5,491
	133	FamilyMart Co., Ltd.		5,745
	1,338	Fuji Electric Co., Ltd.		6,310
	191	FUJIFILM Holdings Corp.		7,179
	1,164	Fukuoka Financial Group, Inc.		6,688
	319	Hitachi Chemical Co., Ltd.		6,165
	544	ITOCHU Corp.		6,692
	270	Japan Aviation Electronics Industry Ltd.		6,486
	252	Japan Tobacco, Inc.		8,786
	273	JFE Holdings, Inc.		6,158
	1,282	Kawasaki Heavy Industries Ltd.		6,607
	2,009	Kawasaki Kisen Kaisha Ltd.		5,190
	437	KDDI Corp.		10,331
	3,091	Kobe Steel Ltd.		5,618
	113	Kose Corp.		7,369
	416	Kubota Corp.		6,511
	824	Marubeni Corp.		5,099
	34	MEIJI Holdings Co., Ltd.		3,860


SHARES		SECURITY DESCRIPTION	VALUE($)


		Japan — continued
	410	Mitsubishi Corp.		8,847
	565	Mitsubishi Electric Corp.		7,379
	2,973	Mitsubishi UFJ Financial Group, Inc.		21,123
	296	NH Foods Ltd.		6,467
	139	Nippon Telegraph & Telephone Corp.		9,379
	902	Nissan Motor Co., Ltd.		9,359
	79	Nitori Holdings Co., Ltd.		6,099
	92	Nitto Denko Corp.		5,909
	550	ORIX Corp.		8,464
	91	Rohm Co., Ltd.		6,291
	538	Sekisui Chemical Co., Ltd.		7,174
	499	Sekisui House Ltd.		7,733
	202	Sompo Japan Nipponkoa Holdings, Inc.		6,609
	311	Sony Corp. (a)		9,414
	400	Sumitomo Electric Industries Ltd.		5,651
	1,108	Sumitomo Heavy Industries Ltd.		6,884
	326	Sumitomo Mitsui Financial Group, Inc.		14,243
	1,744	Sumitomo Mitsui Trust Holdings, Inc.		7,677
	506	T&D Holdings, Inc.		7,294
	1,272	Taisei Corp.		7,369
	562	Tohoku Electric Power Co., Inc.		7,066
	220	Tokio Marine Holdings, Inc.		8,952
	1,085	Tokyo Gas Co., Ltd.		6,261
	488	Toyota Motor Corp.		33,969
	107	West Japan Railway Co.		5,948
	341	Yamaha Corp.		6,191
	315	Yamaha Motor Co., Ltd.		7,420

				435,356

		Luxembourg — 0.3%
	165	APERAM S.A. (a)		6,282

		Netherlands — 3.7%
	1,035	Aegon N.V.		8,165
	91	Heineken N.V.		7,175
	883	ING Groep N.V., CVA (a)		13,552
	203	NN Group N.V. (a)		5,930
	1,149	Royal Dutch Shell plc, Class B		36,783

				71,605

		Norway — 0.7%
	409	DNB ASA		7,271
	128	Yara International ASA		6,565

				13,836

		Portugal — 0.3%
	1,495	EDP — Energias de Portugal S.A.		5,979

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


SHARES		SECURITY DESCRIPTION	VALUE($)

	Common Stocks — continued
		Singapore — 0.5%
	559	DBS Group Holdings Ltd.		8,883

		South Africa — 0.4%
	779	Investec plc		7,439

		South Korea — 0.6%
	26	Hyundai Motor Co.		4,097
	6	Samsung Electronics Co., Ltd.		7,323

				11,420

		Spain — 3.2%
	1,318	Banco Santander S.A. (a)		9,962
	300	Ferrovial S.A.		6,813
	257	Gas Natural SDG S.A.		6,327
	1,339	Iberdrola S.A.		8,959
	1,877	Mapfre S.A.		6,977
	448	Repsol S.A.		9,231
	954	Telefonica S.A.		14,527

				62,796

		Sweden — 2.2%
	277	Boliden AB		6,021
	371	Castellum AB		5,785
	130	Electrolux AB, Series B		3,882
	413	Securitas AB, Class B		6,175
	122	Svenska Handelsbanken AB, Class A		5,623
	260	Swedbank AB, Class A		6,053
	340	Telefonaktiebolaget LM Ericsson, Class B		3,722
	327	Trelleborg AB, Class B,		6,409

				43,670

		Switzerland — 8.1%
	93	Adecco S.A. (a)		7,581
	9	Georg Fischer AG		6,459
	48	Lonza Group AG (a)		6,810
	351	Nestle S.A.		27,200
	394	Novartis AG		40,178
	86	Roche Holding AG		24,586
	20	Straumann Holding AG		5,559
	24	Swiss Life Holding AG (a)		5,766
	91	Swiss Re AG (a)		8,065
	763	UBS Group AG (a)		15,234
	31	Zurich Insurance Group AG (a)		9,629

				157,067

		United Kingdom — 18.3%
	904	3i Group plc		7,004
	262	Ashtead Group plc		4,496
	232	AstraZeneca plc		15,954


SHARES		SECURITY DESCRIPTION	VALUE($)


		United Kingdom — continued
	947	Aviva plc		7,623
	1,055	BAE Systems plc		8,176
	3,379	Barclays plc		13,220
	799	Barratt Developments plc		6,339
	3,548	BP plc		25,587
	383	British American Tobacco plc		21,050
	559	British Land Co. plc (The)		7,114
	1,710	BT Group plc		11,929
	1,053	Carillion plc		5,252
	1,425	Direct Line Insurance Group plc		6,957
	988	Dixons Carphone plc		6,412
	131	Hikma Pharmaceuticals plc		4,089
	1,986	HSBC Holdings plc		19,841
	247	Imperial Tobacco Group plc		12,067
	1,567	Indivior plc (a)		4,798
	1,830	ITV plc		7,103
	532	John Wood Group plc		5,609
	11,116	Lloyds Banking Group plc		13,165
	852	Marks & Spencer Group plc		7,216
	794	Meggitt plc		6,414
	389	Northgate plc		3,853
	257	Persimmon plc (a)		6,675
	528	Playtech plc		6,634
	606	Prudential plc		15,077
	144	Reckitt Benckiser Group plc		12,822
	355	Rio Tinto plc		15,898
	2,730	Taylor Wimpey plc		6,932
	225	Travis Perkins plc		7,141
	559	UBM plc		4,827
	438	Unilever N.V., CVA		19,086
	5,669	Vodafone Group plc		19,975
	383	WPP plc		8,931

				355,266

		United States — 0.3%
	133	Carnival plc		6,071

		Total Common Stocks (Cost $1,716,378)		1,895,725

	Preferred Stocks — 0.9%
		Germany — 0.9%
	69	Henkel AG & Co. KGaA		7,970
	38	Volkswagen AG		9,794

		Total Preferred Stocks (Cost $14,406)		17,764

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	79

JPMorgan Intrepid International Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


SHARES		SECURITY DESCRIPTION	VALUE($)

	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	33,135	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $33,135)		33,135

		Total Investments — 100.1% (Cost $1,763,919)		1,946,624
		Liabilities in Excess of Other Assets — (0.1)%		(1,446	)

		NET ASSETS — 100.0%	$	1,945,178

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2015

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE
Banks		13.8	%
Pharmaceuticals		9.6
Insurance		6.9
Oil, Gas & Consumable Fuels		5.4
Automobiles		5.2
Metals & Mining		3.7
Food Products		3.3
Diversified Telecommunication Services		2.9
Household Durables		2.8
Media		2.4
Beverages		2.2
Capital Markets		2.2
Tobacco		2.2
Real Estate Management & Development		2.1
Machinery		2.0
Wireless Telecommunication Services		1.9
Electric Utilities		1.9
Auto Components		1.8
Trading Companies & Distributors		1.7
Chemicals		1.6
Technology Hardware, Storage & Peripherals		1.5
Aerospace & Defense		1.2
Household Products		1.1
Electrical Equipment		1.0
Real Estate Investment Trusts (REITs)		1.0
Construction & Engineering		1.0
Semiconductors & Semiconductor Equipment		1.0
IT Services		1.0
Others (each less than 1.0%)		13.9
Short-Term Investment		1.7

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

J.P. Morgan International Equity Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF APRIL 30, 2015 (Unaudited)


ADR		— American Depositary Receipt
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
CVA		— Dutch Certification
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
GDR		— Global Depositary Receipt
HKD		— Hong Kong Dollar
JPY		— Japanese Yen
NOK		— Norwegian Krone
NVDR		— Non Voting Depositary Receipt
Reg. S		— Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT		— Real Estate Investment Trust
SEK		— Swedish Krona
SGD		— Singapore Dollar

(a)		— Non-income producing security.
(b)		— Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		— Included in this amount is cash segregated as collateral for futures contracts.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration normally to qualified institutional buyers.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are as follows (amounts in thousands):


Fund	Value		Percentage
Emerging Economies Fund	$	723,223		86.1	%
Emerging Markets Equity Fund		1,518,387		72.3
Emerging Markets Equity Income Fund		2,363		77.9
Global Research Enhanced Index Fund		2,044,848		37.6
Global Unconstrained Equity Fund		1,448		29.8
International Equity Fund		2,688,606		95.6
International Equity Income Fund		91,631		93.5
International Opportunities Fund		1,883,691		96.8
International Research Enhanced Equity Fund		781,244		97.0
International Unconstrained Equity Fund		16,092		76.1
International Value Fund		2,427,245		97.7
Intrepid International Fund		1,888,551		97.0

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
ASSETS:
Investments in non-affiliates, at value	$	829,127		$	2,078,710		$	3,034		$	6,280,347
Investments in affiliates, at value		10,500			22,701			—			225,787

Total investment securities, at value		839,627			2,101,411			3,034			6,506,134
Cash		1,191			2,044			65			956
Foreign currency, at value		916			1,779			7			1,247
Deposits at broker for futures contracts		—			—			—			9,008
Receivables:
Investment securities sold		2,010			—			14			39,597
Fund shares sold		1,060			3,740			—			5,799
Dividends from non-affiliates		992			1,085			8			11,917
Dividends from affiliates		—	(a)		1			—			7
Tax reclaims		—			—			—			3,131
Due from Adviser		—			—			50			—
Deferred offering costs		—			—			75			—
Other assets		—			—			5			112

Total Assets		845,796			2,110,060			3,258			6,577,908


LIABILITIES:
Payables:
Investment securities purchased		350			4,914			16			43,163
Fund shares redeemed		158			12,549			—			2,065
Variation margin on futures contracts		—			—			—			2,259
Accrued liabilities:
Investment advisory fees		632			1,604			—			308
Administration fees		31			68			—			—
Distribution fees		10			95			—	(a)		—	(a)
Shareholder servicing fees		74			122			1			1,334
Custodian and accounting fees		456			1,049			29			96
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		7
Deferred India capital gains tax		167			507			—			—
Audit fees		16			18			35			37
Other		55			658			2			66

Total Liabilities		1,949			21,584			83			49,335

Net Assets	$	843,847		$	2,088,476		$	3,175		$	6,528,573

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
NET ASSETS:
Paid-in-Capital	$	894,422		$	1,761,523		$	3,048		$	5,939,461
Accumulated undistributed (distributions in excess of) net investment income		(793	)		4,912			6			40,073
Accumulated net realized gains (losses)		(158,958	)		3,416			(19	)		(29,931	)
Net unrealized appreciation (depreciation)		109,176			318,625			140			578,970

Total Net Assets	$	843,847		$	2,088,476		$	3,175		$	6,528,573


Net Assets:
Class A	$	34,723		$	285,598		$	31		$	66
Class B		—			1,884			—			—
Class C		4,861			55,560			36			66
Class R2		—			—			—			66
Class R5		533,061			—			21			—
Class R6		—			763,520			21			—
Institutional Class		—			404,322			—			—
Select Class		271,202			577,592			3,066			6,528,375

Total	$	843,847		$	2,088,476		$	3,175		$	6,528,573


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,589			12,543			2			3
Class B		—			84			—			—
Class C		367			2,507			2			3
Class R2		—			—			—			3
Class R5		39,549			—			1			—
Class R6		—			32,616			2			—
Institutional Class		—			17,249			—			—
Select Class		20,179			24,835			196			341,956

Net Asset Value (a):
Class A — Redemption price per share	$	13.41		$	22.77		$	15.61		$	19.08
Class B — Offering price per share (b)		—			22.37			—			—
Class C — Offering price per share (b)		13.24			22.16			15.58			19.03
Class R2 — Offering and redemption price per share		—			—			—			19.06
Class R5 — Offering and redemption price per share		13.48			—			15.64			—
Class R6 — Offering and redemption price per share		—			23.41			15.64			—
Institutional Class — Offering and redemption price per share		—			23.44			—			—
Select Class — Offering and redemption price per share		13.44			23.26			15.63			19.09
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.15		$	24.03		$	16.47		$	20.14


Cost of investments in non-affiliates	$	719,800		$	1,759,546		$	2,894		$	5,701,742
Cost of investments in affiliates		10,500			22,701			—			225,787
Cost of foreign currency		895			1,728			7			1,223

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class B and Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	Global Unconstrained Equity Fund			International Equity Fund		International Equity Income Fund			International Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	4,700		$	2,764,255	$	95,110		$	1,883,691
Investments in affiliates, at value		162			47,731		2,843			62,979

Total investment securities, at value		4,862			2,811,986		97,953			1,946,670
Cash		36			49		20			894
Foreign currency, at value		2			1,699		132			—
Deposits at broker for futures contracts		—			—		—			1,648
Receivables:
Investment securities sold		136			—		—			18,649
Fund shares sold		5			2,512		467			1,857
Dividends from non-affiliates		4			11,810		366			7,014
Dividends from affiliates		—	(a)		3		—	(a)		2
Tax reclaims		4			4,374		85			3,172
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—			7,941
Due from Adviser		61			—		—			—
Other assets		47			—		17			—

Total Assets		5,157			2,832,433		99,040			1,987,847


LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—			—		—			167
Investment securities purchased		154			5,695		—			2,353
Fund shares redeemed		—			14,672		7			20,198
Variation margin on futures contracts		—			—		—			424
Unrealized depreciation on forward foreign currency exchange contracts		—			20		—			6,744
Accrued liabilities:
Investment advisory fees		—			1,678		23			950
Administration fees		—			94		—			131
Distribution fees		—	(a)		60		14			29
Shareholder servicing fees		1			109		9			22
Custodian and accounting fees		18			200		23			166
Trustees’ and Chief Compliance Officer’s fees		—			3		—	(a)		3
Audit fees		34			—		27			5
Transfer agent fees		3			140		12			61
Other		—	(a)		60		—			11

Total Liabilities		210			22,731		115			31,264

Net Assets	$	4,947		$	2,809,702	$	98,925		$	1,956,583

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Global Unconstrained Equity Fund			International Equity Fund			International Equity Income Fund			International Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	4,243		$	2,349,301		$	87,440		$	1,748,626
Accumulated undistributed (distributions in excess of) net investment income		9			11,423			(410	)		14,669
Accumulated net realized gains (losses)		51			(15,051	)		6,257			(46,384	)
Net unrealized appreciation (depreciation)		644			464,029			5,638			239,672

Total Net Assets	$	4,947		$	2,809,702		$	98,925		$	1,956,583


Net Assets:
Class A	$	85		$	207,530		$	61,349		$	138,392
Class B		—			710			—			134
Class C		101			28,588			4,401			1,722
Class R2		80			1,118			649			—
Class R5		82			63,086			623			—
Class R6		82			1,960,752			21			1,713,040
Institutional Class		—			—			—			49,401
Select Class		4,517			547,918			31,882			53,894

Total	$	4,947		$	2,809,702		$	98,925		$	1,956,583


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		5			12,741			3,652			9,056
Class B		—			45			—			9
Class C		5			1,844			263			116
Class R2		4			69			39			—
Class R5		4			3,817			37			—
Class R6		5			118,648			1			110,360
Institutional Class		—			—			—			3,180
Select Class		248			33,182			1,893			3,484

Net Asset Value (a):
Class A — Redemption price per share	$	18.17		$	16.29		$	16.80		$	15.28
Class B — Offering price per share (b)		—			15.72			—			15.38
Class C — Offering price per share (b)		18.09			15.50			16.73			14.85
Class R2 — Offering and redemption price per share		18.13			16.22			16.78			—
Class R5 — Offering and redemption price per share		18.24			16.53			16.85			—
Class R6 — Offering and redemption price per share		18.25			16.53			16.83			15.52
Institutional Class — Offering and redemption price per share		—			—			—			15.54
Select Class — Offering and redemption price per share		18.21			16.51			16.84			15.47
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.18		$	17.19		$	17.73		$	16.13


Cost of investments in non-affiliates	$	4,056		$	2,300,134		$	89,474		$	1,644,731
Cost of investments in affiliates		162			47,731			2,843			62,979
Cost of foreign currency		2			1,699			129			—

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b)	Redemption price for Class B and Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	85

STATEMENTS OF ASSETS AND LIABILITIES

AS OF APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund		Intrepid International Fund
ASSETS:
Investments in non-affiliates, at value	$	787,348		$	19,559		$	2,479,471	$	1,913,489
Investments in affiliates, at value		17,887			1,600			4,663		33,135

Total investment securities, at value		805,235			21,159			2,484,134		1,946,624
Cash		275			50			49		427
Foreign currency, at value		6,820			—	(a)		785		107
Deposits at broker for futures contracts		1,192			264			606		—
Due from custodian		2,057			—			—		—
Receivables:
Investment securities sold		—			46			46,315		10,831
Fund shares sold		204			1,946			8,833		1,861
Dividends from non-affiliates		2,950			34			14,094		7,228
Dividends from affiliates		1			—	(a)		1		1
Tax reclaims		1,384			9			4,614		1,714
Unrealized appreciation on forward foreign currency exchange contracts		—			—			43,448		—
Due from Adviser		—			6			—		—
Other assets		—			—			—		75

Total Assets		820,118			23,514			2,602,879		1,968,868


LIABILITIES:
Payables:
Investment securities purchased		8,247			1,418			27,661		15,368
Fund shares redeemed		405			1			4,030		6,946
Variation margin on futures contracts		308			—			164		—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			37,804		—
Accrued liabilities:
Investment advisory fees		9			—			1,445		947
Administration fees		2			—			202		130
Distribution fees		33			—	(a)		146		28
Shareholder servicing fees		151			2			164		151
Custodian and accounting fees		88			15			268		62
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			6		3
Other		104			25			770		55

Total Liabilities		9,347			1,461			72,660		23,690

Net Assets	$	810,771		$	22,053		$	2,530,219	$	1,945,178

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
NET ASSETS:
Paid-in-Capital	$	682,289		$	20,859		$	2,563,263		$	2,311,278
Accumulated undistributed (distributions in excess of) net investment income		6,136			31			3,376			13,945
Accumulated net realized gains (losses)		6,060			76			(345,866	)		(562,831	)
Net unrealized appreciation (depreciation)		116,286			1,087			309,446			182,786

Total Net Assets	$	810,771		$	22,053		$	2,530,219		$	1,945,178


Net Assets:
Class A	$	92,205		$	1,079		$	623,800		$	132,076
Class B		1,327			—			1,189			—
Class C		20,161			354			31,595			1,691
Class R2		3,080			21			1,729			292
Class R5		—			21			—			—
Class R6		—			21			7,270			—
Institutional Class		—			—			1,598,600			1,793,896
Select Class		693,998			20,557			266,036			17,223

Total	$	810,771		$	22,053		$	2,530,219		$	1,945,178


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		5,239			58			44,156			6,447
Class B		83			—			84			—
Class C		1,192			19			2,298			82
Class R2		179			—	(a)		124			14
Class R5		—			—	(a)		—			—
Class R6		—			—	(a)		505			—
Institutional Class		—			—			111,116			85,688
Select Class		39,118			1,093			18,372			810

Net Asset Value (b):
Class A — Redemption price per share	$	17.60		$	18.72		$	14.13		$	20.49
Class B — Offering price per share (c)		15.97			—			14.12			—
Class C — Offering price per share (c)		16.91			18.61			13.75			20.71
Class R2 — Offering and redemption price per share		17.27			18.72			13.93			20.35
Class R5 — Offering and redemption price per share		—			18.84			—			—
Class R6 — Offering and redemption price per share		—			18.84			14.40			—
Institutional Class — Offering and redemption price per share		—			—			14.39			20.94
Select Class — Offering and redemption price per share		17.74			18.81			14.48			21.26
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.58		$	19.76		$	14.91		$	21.63


Cost of investments in non-affiliates	$	670,909		$	18,472		$	2,175,480		$	1,730,784
Cost of investments in affiliates		17,887			1,600			4,663			33,135
Cost of foreign currency		6,932			—	(c)		770			108

(a)	Amount rounds to less than $1,000.

(b)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c)	Redemption price for Class B and Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	87

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2015 (Unaudited)

(Amounts in thousands)


	Emerging Economies Fund			Emerging Markets Equity Fund			Emerging Markets Equity Income Fund (a)			Global Research Enhanced Index Fund
INVESTMENT INCOME:
Interest income from affiliates	$	1		$	4		$	—		$	—
Dividend income from non-affiliates		11,646			21,489			48			65,815
Dividend income from affiliates		2			6			—	(b)		43
Foreign taxes withheld		(1,075	)		(1,426	)		(4	)		(2,892	)

Total investment income		10,574			20,073			44			62,966


EXPENSES:
Investment advisory fees		5,216			11,471			12			5,368
Administration fees		429			943			1			2,204
Distribution fees:
Class A		77			405			—	(b)		—	(b)
Class B		—			8			—			—
Class C		18			204			—	(b)		—	(b)
Class R2		—			—			—			—	(b)
Shareholder servicing fees:
Class A		77			405			—	(b)		—	(b)
Class B		—			3			—			—
Class C		6			68			—	(b)		—	(b)
Class R2		—			—			—			—	(b)
Class R5		177			—			—	(b)		—
Institutional Class		—			199			—			—
Select Class		336			690			3			6,710
Custodian and accounting fees		354			653			29			131
Interest expense to affiliates		12			11			—	(b)		2
Professional fees		42			57			35			63
Trustees’ and Chief Compliance Officer’s fees		5			10			—	(b)		26
Printing and mailing costs		18			222			2			44
Registration and filing fees		38			110			—	(b)		160
Transfer agent fees		32			61			1			28
Sub-transfer agent fees (See Note 2.I.)		98			671			—			3
Offering costs		—			—			45			—
Other		7			17			5			22

Total expenses		6,942			16,208			133			14,761

Less fees waived		(482	)		(1,017	)		(13	)		(5,860	)
Less expense reimbursements		(13	)		(68	)		(104	)		—	(a)

Net expenses		6,447			15,123			16			8,901

Net investment income (loss)		4,127			4,950			28			54,065


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(59,374	)(c)		18,405			(19	)		(15,024	)
Futures		—			—			—			(1,943	)
Foreign currency transactions		441			1,042			—			(153	)

Net realized gain (loss)		(58,933	)		19,447			(19	)		(17,120	)

Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		66,901	(d)		(107,684	)(e)		140			256,934
Futures		—			—			—			(6,415	)
Foreign currency translations		26			(41	)		—			128

Change in net unrealized appreciation/depreciation		66,927			(107,725	)		140			250,647

Net realized/unrealized gains (losses)		7,994			(88,278	)		121			233,527

Change in net assets resulting from operations	$	12,121		$	(83,328	)	$	149		$	287,592

(a)	Commencement of operations was December 12, 2014.

(b)	Amounts rounds to less than $1,000.

(c)	Net of India capital gains tax of approximately $(200,000) for Emerging Economies Fund.

(d)	Net of change in India capital gains tax of approximately $459,000 for Emerging Economies Fund.

(e)	Net of change in India capital gains tax of approximately $(507,000) for Emerging Markets Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Global Unconstrained Equity Fund				International Equity Fund			International Equity Income Fund			International Opportunities Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—			$	1		$	2		$	1
Dividend income from non-affiliates		34				36,426			1,968			24,248
Dividend income from affiliates		—	(a)			11			—			6
Foreign taxes withheld		(1	)			(2,380	)		(98	)		(1,768	)

Total investment income		33				34,058			1,872			22,487


EXPENSES:
Investment advisory fees		17				10,098			348			5,164
Administration fees		2				1,037			40			707
Distribution fees:
Class A		—	(a)			231			77			105
Class B		—				3			—			1
Class C		—	(a)			98			13			5
Class R2		—	(a)			3			2			—
Shareholder servicing fees:
Class A		—	(a)			231			77			105
Class B		—				1			—			—	(a)
Class C		—	(a)	��		33			4			2
Class R2		—	(a)			1			1			—
Class R5		—	(a)			20			—	(a)		—
Institutional Class		—				—			—			22
Select Class		5				592			38			59
Custodian and accounting fees		21				165			3			142
Interest expense to affiliates		—				1			2			2
Professional fees		35				48			50			53
Trustees’ and Chief Compliance Officer’s fees		—	(a)			14			1			9
Printing and mailing costs		6				80			11			30
Registration and filing fees		47				76			53			58
Transfer agent fees		3				38			5			19
Sub-transfer agent fees (See Note 2.I.)		—				294			28			117
Other		4				15			4			12

Total expenses		140				13,079			757			6,612

Less fees waived		(20	)			(1,686	)		(195	)		(100	)
Less expense reimbursements		(98	)			(12	)		—			(2	)

Net expenses		22				11,381			562			6,510

Net investment income (loss)		11				22,677			1,310			15,977


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		63				(3,801	)		6,473			(20,858	)
Futures		—				—			—			1,955
Foreign currency transactions		(1	)			743			52			(15,188	)

Net realized gain (loss)		62				(3,058	)		6,525			(34,091	)

Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		262				172,294			(3,799	)		119,773
Futures		—				—			—			(426	)
Foreign currency translations		—	(a)			226			8			3,679

Change in net unrealized appreciation/depreciation		262				172,520			(3,791	)		123,026

Net realized/unrealized gains (losses)		324				169,462			2,734			88,935

Change in net assets resulting from operations	$	335			$	192,139		$	4,044		$	104,912

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	89

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2015 (Unaudited) (continued)

(Amounts in thousands)


	International Research Enhanced Equity Fund			International Unconstrained Equity Fund			International Value Fund			Intrepid International Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	11,664		$	70		$	47,740		$	28,581
Dividend income from affiliates		4			—	(a)		4			8
Foreign taxes withheld		(668	)		(5	)		(3,797	)		(2,045	)

Total investment income		11,000			65			43,947			26,544


EXPENSES:
Investment advisory fees		709			24			10,529			6,260
Administration fees		291			3			1,442			707
Distribution fees:
Class A		113			1			679			142
Class B		5			—			5			—
Class C		74			1			111			5
Class R2		7			—	(a)		4			—	(a)
Shareholder servicing fees:
Class A		113			1			679			142
Class B		2			—			2			—
Class C		24			—	(a)		37			2
Class R2		4			—	(a)		2			—	(a)
Class R5		—			—	(a)		—			—
Institutional Class		—			—			1,320			795
Select Class		743			7			340			20
Custodian and accounting fees		58			17			223			112
Interest expense to affiliates		—	(a)		—			8			—	(a)
Professional fees		83			36			82			59
Trustees’ and Chief Compliance Officer’s fees		4			—	(a)		19			9
Printing and mailing costs		47			2			251			17
Registration and filing fees		49			48			158			66
Transfer agent fees		38			4			37			9
Sub-transfer agent fees (See Note 2.I.)		98			—	(a)		2,344			116
Other		7			4			18			9

Total expenses		2,469			148			18,290			8,470

Less fees waived		(1,048	)		(30	)		(344	)		(725	)
Less expense reimbursements		(4	)		(85	)		(33	)		—	(a)

Net expenses		1,417			33			17,913			7,745

Net investment income (loss)		9,583			32			26,034			18,799


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,820	(b)		63			22,337			(17,799	)
Investment in affiliates		—			—	(a)		—			—
Futures		3,286			(9	)		4,479			—
Foreign currency transactions		(47	)		21			(7,771	)		(254	)

Net realized gain (loss)		9,059			75			19,045			(18,053	)

Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		27,002			726			66,609			118,952
Futures		69			—			484			—
Foreign currency translations		(46	)		—	(a)		2,816			201

Change in net unrealized appreciation/depreciation		27,025			726			69,909			119,153

Net realized/unrealized gains (losses)		36,084			801			88,954			101,100

Change in net assets resulting from operations	$	45,667		$	833		$	114,988		$	119,899

(a)	Amounts rounds to less than $1,000.

(b)	Net of India capital gains tax of less than $1,000 for International Research Enhanced Equity Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,127		$	22,372		$	4,950		$	28,370
Net realized gain (loss)		(58,933	)		(32,703	)		19,447			80,394
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			1
Change in net unrealized appreciation/depreciation		66,927			(12,476	)		(107,725	)		(77,244	)

Change in net assets resulting from operations		12,121			(22,807	)		(83,328	)		31,521


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,309	)		(788	)		(2,876	)		(1,101	)
Class B
From net investment income		—			—			(3	)		—
Class C
From net investment income		(54	)		(39	)		(188	)		—
Class R5
From net investment income		(17,780	)		(10,129	)		—			—
Class R6
From net investment income		—			—			(14,467	)		—
Institutional Class
From net investment income		—			—			(4,060	)		(17,566	)
Select Class
From net investment income		(4,910	)		(3,202	)		(5,672	)		(1,422	)

Total distributions to shareholders		(24,053	)		(14,158	)		(27,266	)		(20,089	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(370,894	)		234,052			(335,904	)		(888,151	)


NET ASSETS:
Change in net assets		(382,826	)		197,087			(446,498	)		(876,719	)
Beginning of period		1,226,673			1,029,586			2,534,974			3,411,693

End of period	$	843,847		$	1,226,673		$	2,088,476		$	2,534,974

Accumulated undistributed (distributions in excess of) net investment income	$	(793	)	$	19,133		$	4,912		$	27,228

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
	Period Ended April 30, 2015 (Unaudited) (a)			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	28		$	54,065		$	61,329
Net realized gain (loss)		(19	)		(17,120	)		41,381
Distributions of capital gains received from investment company affiliates		—			—			1
Change in net unrealized appreciation/depreciation		140			250,647			166,613

Change in net assets resulting from operations		149			287,592			269,324


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		—	(b)		(1	)		(1	)
From net realized gains		—			(1	)		—	(b)
Class C
From net investment income		—	(b)		—	(b)		—	(b)
From net realized gains		—			(1	)		(1	)
Class R2
From net investment income		—			—	(b)		—	(b)
From net realized gains		—			(1	)		—	(b)
Class R5
From net investment income		—	(b)		—			—
Class R6
From net investment income		—	(b)		—			—
Select Class
From net investment income		(22	)		(71,222	)		(20,542	)
From net realized gains		—			(47,876	)		(11,342	)

Total distributions to shareholders		(22	)		(119,102	)		(31,886	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,048			2,782,370			1,445,076


NET ASSETS:
Change in net assets		3,175			2,950,860			1,682,514
Beginning of period		—			3,577,713			1,895,199

End of period	$	3,175		$	6,528,573		$	3,577,713

Accumulated undistributed (distributions in excess of) net investment income	$	6		$	40,073		$	57,231

(a)	Commencement of operations was December 12, 2014.

(b)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Global Unconstrained Equity Fund						International Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	11		$	66		$	22,677		$	62,055
Net realized gain (loss)		62			535			(3,058	)		21,283
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			1
Change in net unrealized appreciation/depreciation		262			(261	)		172,520			(123,792	)

Change in net assets resulting from operations		335			340			192,139			(40,453	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1	)		(1	)		(747	)		(4,391	)
From net realized gains		(9	)		(6	)		—			—
Class B
From net investment income		—			—			(1	)		(22	)
Class C
From net investment income		—	(a)		—	(a)		(59	)		(530	)
From net realized gains		(9	)		(6	)		—			—
Class R2
From net investment income		(1	)		(1	)		(3	)		(28	)
From net realized gains		(9	)		(6	)		—			—
Class R5
From net investment income		(1	)		(1	)		(461	)		(2,846	)
From net realized gains		(9	)		(6	)		—			—
Class R6
From net investment income		(1	)		(1	)		(9,888	)		(42,018	)
From net realized gains		(9	)		(6	)		—			—
Select Class
From net investment income		(61	)		(45	)		(2,329	)		(11,524	)
From net realized gains		(496	)		(341	)		—			—

Total distributions to shareholders		(606	)		(420	)		(13,488	)		(61,359	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		686			420			144,261			583,648


NET ASSETS:
Change in net assets		415			340			322,912			481,836
Beginning of period		4,532			4,192			2,486,790			2,004,954

End of period	$	4,947		$	4,532		$	2,809,702		$	2,486,790

Accumulated undistributed (distributions in excess of) net investment income	$	9		$	63		$	11,423		$	2,234

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	International Equity Income Fund						International Opportunities Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,310		$	6,461		$	15,977		$	46,795
Net realized gain (loss)		6,525			163			(34,091	)		56,651
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			1
Change in net unrealized appreciation/depreciation		(3,791	)		(3,023	)		123,026			(130,096	)

Change in net assets resulting from operations		4,044			3,601			104,912			(26,649	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,825	)		(2,495	)		(1,196	)		(964	)
From net realized gains		(747	)		(419	)		—			—
Class B
From net investment income		—			—			(3	)		—
Class C
From net investment income		(79	)		(109	)		(26	)		(6	)
From net realized gains		(30	)		(16	)		—			—
Class R2
From net investment income		(14	)		(21	)		—			—
From net realized gains		(5	)		(4	)		—			—
Class R5
From net investment income		(16	)		(26	)		—			—
From net realized gains		(6	)		(4	)		—			—
Class R6 (b)
From net investment income		—	(a)		—			(43,134	)		(14,924	)
Institutional Class
From net investment income		—			—			(1,208	)		(670	)
Select Class
From net investment income		(896	)		(2,019	)		(1,161	)		(395	)
From net realized gains		(342	)		(434	)		—			—

Total distributions to shareholders		(3,960	)		(5,547	)		(46,728	)		(16,959	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(15,221	)		8,324			142,553			361,687


NET ASSETS:
Change in net assets		(15,137	)		6,378			200,737			318,079
Beginning of period		114,062			107,684			1,755,846			1,437,767

End of period	$	98,925		$	114,062		$	1,956,583		$	1,755,846

Accumulated undistributed (distributions in excess of) net investment income	$	(410	)	$	1,110		$	14,669		$	45,420

(a)	Amount rounds to less than $1,000.

(b)	Commencement of offering of class shares effective January 30, 2015 for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,583		$	15,366		$	32		$	51
Net realized gain (loss)		9,059			118,095			75			314
Distributions of capital gains received from investment company affiliates		—			—	(a)		—			—
Change in net unrealized appreciation/depreciation		27,025			(138,448	)		726			(468	)

Change in net assets resulting from operations		45,667			(4,987	)		833			(103	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,144	)		(2,006	)		(3	)		(1	)
From net realized gains		(14,822	)		(1,739	)		(23	)		(6	)
Class B
From net investment income		(30	)		(38	)		—			—
From net realized gains		(279	)		(46	)		—			—
Class C
From net investment income		(384	)		(316	)		(1	)		(1	)
From net realized gains		(3,366	)		(361	)		(9	)		(5	)
Class R2
From net investment income		(65	)		(31	)		(1	)		—	(a)
From net realized gains		(441	)		(30	)		(5	)		(4	)
Class R5
From net investment income		—			—			(1	)		(1	)
From net realized gains		—			—			(5	)		(4	)
Class R6
From net investment income		—			—			(1	)		(1	)
From net realized gains		—			—			(5	)		(5	)
Select Class
From net investment income		(14,339	)		(9,519	)		(44	)		(40	)
From net realized gains		(90,006	)		(7,401	)		(267	)		(251	)

Total distributions to shareholders		(125,876	)		(21,487	)		(365	)		(319	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		207,476			111,002			17,021			690


NET ASSETS:
Change in net assets		127,267			84,528			17,489			268
Beginning of period		683,504			598,976			4,564			4,296

End of period	$	810,771		$	683,504		$	22,053		$	4,564

Accumulated undistributed (distributions in excess of) net investment income	$	6,136		$	13,515		$	31		$	50

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	International Value Fund						Intrepid International Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	26,034		$	123,084		$	18,799		$	22,694
Net realized gain (loss)		19,045			129,378			(18,053	)		15,949
Distributions of capital gains received from investment company affiliates		—			1			—			—	(a)
Change in net unrealized appreciation/depreciation		69,909			(403,321	)		119,153			(71,955	)

Change in net assets resulting from operations		114,988			(150,858	)		119,899			(33,312	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(17,828	)		(5,106	)		(1,178	)		(764	)
Class B
From net investment income		(34	)		(26	)		—			—
Class C
From net investment income		(874	)		(395	)		(7	)		(7	)
Class R2
From net investment income		(54	)		(18	)		(1	)		(1	)
Class R6
From net investment income		(1,141	)		(2,279	)		—			—
Institutional Class
From net investment income		(104,543	)		(53,459	)		(23,132	)		(9,080	)
Select Class
From net investment income		(10,060	)		(2,160	)		(194	)		(181	)

Total distributions to shareholders		(134,534	)		(63,443	)		(24,512	)		(10,033	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,239,915	)		927,458			256,428			978,829


NET ASSETS:
Change in net assets		(1,259,461	)		713,157			351,815			935,484
Beginning of period		3,789,680			3,076,523			1,593,363			657,879

End of period	$	2,530,219		$	3,789,680		$	1,945,178		$	1,593,363

Accumulated undistributed (distributions in excess of) net investment income	$	3,376		$	111,876		$	13,945		$	19,658

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	17,863		$	47,826		$	71,627		$	145,167
Distributions reinvested		703			486			2,387			933
Cost of shares redeemed		(62,625	)		(34,401	)		(124,258	)		(129,933	)

Change in net assets resulting from Class A capital transactions	$	(44,059	)	$	13,911		$	(50,244	)	$	16,167

Class B
Proceeds from shares issued	$	—		$	—		$	63		$	89
Distributions reinvested		—			—			3			—
Cost of shares redeemed		—			—			(776	)		(1,668	)

Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(710	)	$	(1,579	)

Class C
Proceeds from shares issued	$	377		$	1,870		$	6,564		$	15,814
Distributions reinvested		54			39			176			—
Cost of shares redeemed		(983	)		(1,443	)		(5,724	)		(16,476	)

Change in net assets resulting from Class C capital transactions	$	(552	)	$	466		$	1,016		$	(662	)

Class R5
Proceeds from shares issued	$	128,855		$	310,191		$	—		$	—
Distributions reinvested		17,780			10,129			—			—
Cost of shares redeemed		(451,071	)		(118,184	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(304,436	)	$	202,136		$	—		$	—

Class R6
Proceeds from shares issued	$	—		$	—		$	117,392		$	1,092,999
Distributions reinvested		—			—			14,467			—
Cost of shares redeemed		—			—			(444,612	)		(58,952	)

Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	(312,753	)	$	1,034,047

Institutional Class
Proceeds from shares issued	$	—		$	—		$	85,193		$	1,560,275
Distributions reinvested		—			—			2,196			14,367
Cost of shares redeemed		—			—			(78,340	)		(2,227,333	)

Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	9,049		$	(652,691	)

Select Class
Proceeds from shares issued	$	17,648		$	70,981		$	101,575		$	187,126
Distributions reinvested		4,292			3,170			5,148			1,240
Cost of shares redeemed		(43,787	)		(56,612	)		(88,985	)		(1,471,799	)

Change in net assets resulting from Select Class capital transactions	$	(21,847	)	$	17,539		$	17,738		$	(1,283,433	)

Total change in net assets resulting from capital transactions	$	(370,894	)	$	234,052		$	(335,904	)	$	(888,151	)

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Emerging Economies Fund						Emerging Markets Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		1,421			3,659			3,160			6,380
Reinvested		58			37			110			43
Redeemed		(5,045	)		(2,653	)		(5,506	)		(5,838	)

Change in Class A Shares		(3,566	)		1,043			(2,236	)		585

Class B
Issued		—			—			3			5
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(35	)		(76	)

Change in Class B Shares		—			—			(32	)		(71	)

Class C
Issued		30			143			297			714
Reinvested		5			3			8			—
Redeemed		(80	)		(113	)		(262	)		(755	)

Change in Class C Shares		(45	)		33			43			(41	)

Class R5
Issued		9,917			23,523			—			—
Reinvested		1,470			781			—			—
Redeemed		(36,335	)		(9,179	)		—			—

Change in Class R5 Shares		(24,948	)		15,125			—			—

Class R6
Issued		—			—			4,973			48,796
Reinvested		—			—			646			—
Redeemed		—			—			(19,250	)		(2,549	)

Change in Class R6 Shares		—			—			(13,631	)		46,247

Institutional Class
Issued		—			—			3,670			68,256
Reinvested		—			—			98			642
Redeemed		—			—			(3,368	)		(99,390	)

Change in Institutional Class Shares		—			—			400			(30,492	)

Select Class
Issued		1,417			5,554			4,401			8,139
Reinvested		355			245			231			56
Redeemed		(3,469	)		(4,249	)		(3,865	)		(65,118	)

Change in Select Class Shares		(1,697	)		1,550			767			(56,923	)

(a)	Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
	Period Ended April 30, 2015 (a) (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	30		$	—		$	—
Distributions reinvested		—	(b)		2			1

Change in net assets resulting from Class A capital transactions	$	30		$	2		$	1

Class C
Proceeds from shares issued	$	34		$	—		$	—
Distributions reinvested		—	(b)		1			1

Change in net assets resulting from Class C capital transactions	$	34		$	1		$	1

Class R2
Distributions reinvested	$	—		$	1		$	—	(b)

Change in net assets resulting from Class R2 capital transactions	$	—		$	1		$	—	(b)

Class R5
Proceeds from shares issued	$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—

Change in net assets resulting from Class R5 capital transactions	$	20		$	—		$	—

Class R6
Proceeds from shares issued	$	20		$	—		$	—
Distributions reinvested		—	(b)		—			—

Change in net assets resulting from Class R6 capital transactions	$	20		$	—		$	—

Select Class
Proceeds from shares issued	$	2,922		$	3,032,195		$	1,641,002
Distributions reinvested		22			12,872			5,200
Cost of shares redeemed		—			(262,701	)		(201,128	)

Change in net assets resulting from Select Class capital transactions	$	2,944		$	2,782,366		$	1,445,074

Total change in net assets resulting from capital transactions	$	3,048		$	2,782,370		$	1,445,076

(a)	Commencement of operations was December 12, 2014.

(b)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Emerging Markets Equity Income Fund			Global Research Enhanced Index Fund
	Period Ended April 30, 2015 (a) (Unaudited)			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		2			—			—
Reinvested		—	(b)		—	(b)		—	(b)

Change in Class A Shares		2			—	(b)		—	(b)

Class C
Issued		2			—			—
Reinvested		—	(b)		—	(b)		—	(b)

Change in Class C Shares		2			—	(b)		—	(b)

Class R2
Reinvested		—			—	(b)		—	(b)

Change in Class R2 Shares		—			—	(b)		—	(b)

Class R5
Issued		1			—			—
Reinvested		—	(b)		—			—

Change in Class R5 Shares		1			—			—

Class R6
Issued		2			—			—
Reinvested		—	(b)		—			—

Change in Class R6 Shares		2			—			—

Select Class
Issued		195			165,097			91,856
Reinvested		1			703			299
Redeemed		—			(14,041	)		(11,083	)

Change in Select Class Shares		196			151,759			81,072

(a)	Commencement of operations was December 12, 2014.

(b)	Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Global Unconstrained Equity Fund				International Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)		Year Ended October 31, 2014		Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5	$	—	$	58,302		$	109,712
Distributions reinvested		10		7		458			2,850
Cost of shares redeemed		—		—		(49,371	)		(107,650	)

Change in net assets resulting from Class A capital transactions	$	15	$	7	$	9,389		$	4,912

Class B
Proceeds from shares issued	$	—	$	—	$	9		$	21
Distributions reinvested		—		—		1			18
Cost of shares redeemed		—		—		(310	)		(741	)

Change in net assets resulting from Class B capital transactions	$	—	$	—	$	(300	)	$	(702	)

Class C
Proceeds from shares issued	$	21	$	—	$	3,235		$	8,687
Distributions reinvested		9		6		46			408
Cost of shares redeemed		—		—		(2,734	)		(5,189	)

Change in net assets resulting from Class C capital transactions	$	30	$	6	$	547		$	3,906

Class R2
Proceeds from shares issued	$	—	$	—	$	117		$	461
Distributions reinvested		10		7		3			18
Cost of shares redeemed		—		—		(476	)		(237	)

Change in net assets resulting from Class R2 capital transactions	$	10	$	7	$	(356	)	$	242

Class R5
Proceeds from shares issued	$	—	$	—	$	5,298		$	20,589
Distributions reinvested		10		7		461			2,846
Cost of shares redeemed		—		—		(42,671	)		(30,870	)

Change in net assets resulting from Class R5 capital transactions	$	10	$	7	$	(36,912	)	$	(7,435	)

Class R6
Proceeds from shares issued	$	—	$	—	$	311,399		$	512,142
Distributions reinvested		10		7		9,888			42,018
Cost of shares redeemed		—		—		(169,226	)		(54,301	)

Change in net assets resulting from Class R6 capital transactions	$	10	$	7	$	152,061		$	499,859

Select Class
Proceeds from shares issued	$	54	$	—	$	113,243		$	146,738
Distributions reinvested		557		386		2,145			10,417
Cost of shares redeemed		—		—		(95,556	)		(74,289	)

Change in net assets resulting from Select Class capital transactions	$	611	$	386	$	19,832		$	82,866

Total change in net assets resulting from capital transactions	$	686	$	420	$	144,261		$	583,648

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Global Unconstrained Equity Fund						International Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		—	(a)		—			3,774			6,902
Reinvested		1			—	(a)		30			177
Redeemed		—			—			(3,275	)		(6,712	)

Change in Class A Shares		1			—	(a)		529			367

Class B
Issued		—			—			1			1
Reinvested		—			—			—	(a)		1
Redeemed		—			—			(21	)		(48	)

Change in Class B Shares		—			—			(20	)		(46	)

Class C
Issued		1			—			218			572
Reinvested		—	(a)		—	(a)		3			27
Redeemed		—			—			(188	)		(344	)

Change in Class C Shares		1			—	(a)		33			255

Class R2
Issued		—			—			8			28
Reinvested		1			—	(a)		—	(a)		1
Redeemed		—			—			(31	)		(15	)

Change in Class R2 Shares		1			—	(a)		(23	)		14

Class R5
Issued		—			—			339			1,286
Reinvested		—	(a)		1			29			174
Redeemed		—			—			(2,742	)		(1,900	)

Change in Class R5 Shares		—	(a)		1			(2,374	)		(440	)

Class R6
Issued		—			—			20,264			32,114
Reinvested		1			1			628			2,576
Redeemed		—			—			(11,020	)		(3,336	)

Change in Class R6 Shares		1			1			9,872			31,354

Select Class
Issued		3			—			7,231			9,057
Reinvested		33			21			136			638
Redeemed		—			—			(6,172	)		(4,642	)

Change in Select Class Shares		36			21			1,195			5,053

(a)	Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		International Equity Income Fund						International Opportunities Fund
		Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued		$	34,416		$	46,956		$	84,580		$	67,670
Distributions reinvested			1,390			1,278			667			470
Cost of shares redeemed			(48,904	)		(21,768	)		(61,957	)		(79,052	)

Change in net assets resulting from Class A capital transactions		$	(13,098	)	$	26,466		$	23,290		$	(10,912	)

Class B
Proceeds from shares issued		$	—		$	—		$	—	(a)	$	10
Distributions reinvested			—			—			3			—
Cost of shares redeemed			—			—			(67	)		(294	)

Change in net assets resulting from Class B capital transactions	��	$	—		$	—		$	(64	)	$	(284	)

Class C
Proceeds from shares issued		$	1,496		$	1,873		$	386		$	830
Distributions reinvested			107			122			23			5
Cost of shares redeemed			(825	)		(360	)		(177	)		(449	)

Change in net assets resulting from Class C capital transactions		$	778		$	1,635		$	232		$	386

Class R2
Proceeds from shares issued		$	42		$	—		$	—		$	—
Distributions reinvested			19			25			—			—

Change in net assets resulting from Class R2 capital transactions		$	61		$	25		$	—		$	—

Class R5
Proceeds from shares issued		$	1		$	—		$	—		$	—
Distributions reinvested			22			30			—			—

Change in net assets resulting from Class R5 capital transactions		$	23		$	30		$	—		$	—

Class R6 (b)
Proceeds from shares issued		$	20		$	—		$	172,186		$	400,224
Distributions reinvested			—	(a)		—			43,134			14,924
Cost of shares redeemed			—			—			(92,797	)		(41,399	)

Change in net assets resulting from Class R6 capital transactions		$	20		$	—		$	122,523		$	373,749

Institutional Class
Proceeds from shares issued		$	—		$	—		$	7,324		$	16,360
Distributions reinvested			—			—			832			435
Cost of shares redeemed			—			—			(16,267	)		(19,108	)

Change in net assets resulting from Institutional Class capital transactions		$	—		$	—		$	(8,111	)	$	(2,313	)

Select Class
Proceeds from shares issued		$	13,417		$	21,191		$	8,847		$	17,796
Distributions reinvested			810			1,790			899			325
Cost of shares redeemed			(17,232	)		(42,813	)		(5,063	)		(17,060	)

Change in net assets resulting from Select Class capital transactions		$	(3,005	)	$	(19,832	)	$	4,683		$	1,061

Total change in net assets resulting from capital transactions		$	(15,221	)	$	8,324		$	142,553		$	361,687

(a)	Amount rounds to less than $1,000.

(b)	Commencement of offering of class shares effective January 30, 2015 for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	International Equity Income Fund						International Opportunities Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		2,097			2,826			5,772			4,461
Reinvested		87			77			47			31
Redeemed		(3,081	)		(1,300	)		(4,239	)		(5,136	)

Change in Class A Shares		(897	)		1,603			1,580			(644	)

Class B
Issued		—			—			1			—	(a)
Reinvested		—			—			—	(a)		—
Redeemed		—			—			(5	)		(19	)

Change in Class B Shares		—			—			(4	)		(19	)

Class C
Issued		90			113			26			56
Reinvested		7			7			2			1
Redeemed		(50	)		(22	)		(12	)		(31	)

Change in Class C Shares		47			98			16			26

Class R2
Issued		3			—			—			—
Reinvested		1			2			—			—

Change in Class R2 Shares		4			2			—			—

Class R5
Reinvested		1			2			—			—

Change in Class R5 Shares		1			2			—			—

Class R6 (b)
Issued		1			—			11,782			26,049
Reinvested		—	(a)		—			2,979			972
Redeemed		—			—			(6,169	)		(2,625	)

Change in Class R6 Shares		1			—			8,592			24,396

Institutional Class
Issued		—			—			485			1,053
Reinvested		—			—			57			28
Redeemed		—			—			(1,087	)		(1,230	)

Change in Institutional Class Shares		—			—			(545	)		(149	)

Select Class
Issued		813			1,276			605			1,159
Reinvested		50			107			62			21
Redeemed		(1,080	)		(2,594	)		(343	)		(1,101	)

Change in Select Class Shares		(217	)		(1,211	)		324			79

(a)	Amount rounds to less than 1,000 shares.

(b)	Commencement of offering of class shares effective January 30, 2015 for International Equity Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,026		$	19,492		$	831		$	343
Distributions reinvested		16,487			3,637			26			7
Cost of shares redeemed		(14,971	)		(30,904	)		(184	)		(66	)

Change in net assets resulting from Class A capital transactions	$	7,542		$	(7,775	)	$	673		$	284

Class B
Proceeds from shares issued	$	—	(a)	$	33		$	—		$	—
Distributions reinvested		305			83			—			—
Cost of shares redeemed		(499	)		(1,031	)		—			—

Change in net assets resulting from Class B capital transactions	$	(194	)	$	(915	)	$	—		$	—

Class C
Proceeds from shares issued	$	1,540		$	4,045		$	287		$	64
Distributions reinvested		3,601			650			10			5
Cost of shares redeemed		(3,046	)		(4,908	)		(97	)		—	(a)

Change in net assets resulting from Class C capital transactions	$	2,095		$	(213	)	$	200		$	69

Class R2
Proceeds from shares issued	$	1,602		$	2,020		$	—	(a)	$	—	(a)
Distributions reinvested		130			18			6			4
Cost of shares redeemed		(884	)		(1,369	)		(51	)		—

Change in net assets resulting from Class R2 capital transactions	$	848		$	669		$	(45	)	$	4

Class R5
Proceeds from shares issued	$	—		$	—		$	—	(a)	$	—	(a)
Distributions reinvested		—			—			6			5
Cost of shares redeemed		—			—			(53	)		—

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(47	)	$	5

Class R6
Proceeds from shares issued	$	—		$	—		$	—	(a)	$	—	(a)
Distributions reinvested		—			—			6			6
Cost of shares redeemed		—			—			(53	)		—

Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	(47	)	$	6

Select Class
Proceeds from shares issued	$	145,318		$	141,311		$	19,974		$	53
Distributions reinvested		93,786			14,567			311			290
Cost of shares redeemed		(41,919	)		(36,642	)		(3,998	)		(21	)

Change in net assets resulting from Select Class capital transactions	$	197,185		$	119,236		$	16,287		$	322

Total change in net assets resulting from capital transactions	$	207,476		$	111,002		$	17,021		$	690

(a)	Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	105

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	International Research Enhanced Equity Fund						International Unconstrained Equity Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		349			926			47			18
Reinvested		1,007			179			2			1
Redeemed		(844	)		(1,481	)		(10	)		(4	)

Change in Class A Shares		512			(376	)		39			15

Class B
Issued		—	(a)		2			—			—
Reinvested		21			4			—			—
Redeemed		(31	)		(53	)		—			—

Change in Class B Shares		(10	)		(47	)		—			—

Class C
Issued		94			199			17			3
Reinvested		229			33			1			—	(a)
Redeemed		(184	)		(242	)		(6	)		—	(a)

Change in Class C Shares		139			(10	)		12			3

Class R2
Issued		97			96			—			—
Reinvested		8			1			—	(a)		—	(a)
Redeemed		(52	)		(65	)		(3	)		—

Change in Class R2 Shares		53			32			(3	)		—	(a)

Class R5
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(3	)		—

Change in Class R5 Shares		—			—			(3	)		—	(a)

Class R6
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(3	)		—

Change in Class R6 Shares		—			—			(3	)		—	(a)

Select Class
Issued		8,535			6,662			1,089			2
Reinvested		5,675			711			19			16
Redeemed		(2,465	)		(1,734	)		(222	)		(1	)

Change in Select Class Shares		11,745			5,639			886			17

(a)	Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	International Value Fund						Intrepid International Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	175,712		$	400,922		$	38,152		$	90,342
Distributions reinvested		17,402			4,863			490			357
Cost of shares redeemed		(65,552	)		(111,037	)		(14,300	)		(46,032	)

Change in net assets resulting from Class A capital transactions	$	127,562		$	294,748		$	24,342		$	44,667

Class B
Proceeds from shares issued	$	12		$	51		$	—		$	—
Distributions reinvested		30			22			—			—
Cost of shares redeemed		(454	)		(842	)		—			—

Change in net assets resulting from Class B capital transactions	$	(412	)	$	(769	)	$	—		$	—

Class C
Proceeds from shares issued	$	4,595		$	17,441		$	403		$	346
Distributions reinvested		726			310			6			6
Cost of shares redeemed		(4,931	)		(7,324	)		(112	)		(137	)

Change in net assets resulting from Class C capital transactions	$	390		$	10,427		$	297		$	215

Class R2
Proceeds from shares issued	$	286		$	1,108		$	190		$	6
Distributions reinvested		19			9			1			1
Cost of shares redeemed		(337	)		(491	)		(6	)		(6	)

Change in net assets resulting from Class R2 capital transactions	$	(32	)	$	626		$	185		$	1

Class R6
Proceeds from shares issued	$	1,705		$	766		$	—		$	—
Distributions reinvested		36			36			—			—
Cost of shares redeemed		(24,612	)		(73,309	)		—			—

Change in net assets resulting from Class R6 capital transactions	$	(22,871	)	$	(72,507	)	$	—		$	—

Institutional Class
Proceeds from shares issued	$	387,558		$	2,501,197		$	226,349		$	956,719
Distributions reinvested		74,288			35,770			22,528			8,462
Cost of shares redeemed		(1,772,980	)		(518,984	)		(17,701	)		(33,648	)

Change in net assets resulting from Institutional Class capital transactions	$	(1,311,134	)	$	2,017,983		$	231,176		$	931,533

Select Class
Proceeds from shares issued	$	40,340		$	159,987		$	3,064		$	7,397
Distributions reinvested		4,957			992			105			78
Cost of shares redeemed		(78,715	)		(1,484,029	)		(2,741	)		(5,062	)

Change in net assets resulting from Select Class capital transactions	$	(33,418	)	$	(1,323,050	)	$	428		$	2,413

Total change in net assets resulting from capital transactions	$	(1,239,915	)	$	927,458		$	256,428		$	978,829

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	107

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	International Value Fund						Intrepid International Fund
	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
SHARE TRANSACTIONS:
Class A
Issued		12,941			27,177			1,963			4,442
Reinvested		1,313			330			26			18
Redeemed		(4,823	)		(7,499	)		(731	)		(2,309	)

Change in Class A Shares		9,431			20,008			1,258			2,151

Class B
Issued		1			4			—			—
Reinvested		2			1			—			—
Redeemed		(33	)		(57	)		—			—

Change in Class B Shares		(30	)		(52	)		—			—

Class C
Issued		345			1,212			21			17
Reinvested		56			22			—	(a)		—	(a)
Redeemed		(375	)		(515	)		(6	)		(7	)

Change in Class C Shares		26			719			15			10

Class R2
Issued		21			76			10			—	(a)
Reinvested		2			1			—	(a)		—	(a)
Redeemed		(26	)		(34	)		(1	)		—	(a)

Change in Class R2 Shares		(3	)		43			9			—	(a)

Class R6
Issued		121			50			—			—
Reinvested		3			2			—			—
Redeemed		(1,768	)		(4,922	)		—			—

Change in Class R6 Shares		(1,644	)		(4,870	)		—			—

Institutional Class
Issued		28,106			164,839			11,490			46,348
Reinvested		5,511			2,393			1,164			420
Redeemed		(126,023	)		(34,844	)		(900	)		(1,633	)

Change in Institutional Class Shares		(92,406	)		132,388			11,754			45,135

Select Class
Issued		2,912			10,593			151			353
Reinvested		365			66			5			4
Redeemed		(5,669	)		(97,497	)		(135	)		(247	)

Change in Select Class Shares		(2,392	)		(86,838	)		21			110

(a)	Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

THIS PAGE IS INTENTIONALLY LEFT BLANK



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Economies Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	13.13	$	0.03	(f)	$	0.45		$	0.48		$	(0.20	)	$	—
Year Ended October 31, 2014		13.63		0.22	(f)		(0.57	)		(0.35	)		(0.15	)		—
Year Ended October 31, 2013		12.88		0.19	(f)		0.67			0.86			(0.11	)		—
Year Ended October 31, 2012		12.65		0.17	(f)		0.21			0.38			(0.15	)		—
Year Ended October 31, 2011		13.91		0.20	(f)		(1.44	)		(1.24	)		(0.02	)		—	(g)
Year Ended October 31, 2010		10.47		0.11	(f)		3.60			3.71			(0.27	)		—

Class C
Six Months Ended April 30, 2015 (Unaudited)		12.92		(0.01	)(f)		0.46			0.45			(0.13	)		—
Year Ended October 31, 2014		13.44		0.15	(f)		(0.57	)		(0.42	)		(0.10	)		—
Year Ended October 31, 2013		12.72		0.13	(f)		0.66			0.79			(0.07	)		—
Year Ended October 31, 2012		12.58		0.15	(f)		0.15			0.30			(0.16	)		—
Year Ended October 31, 2011		13.87		0.08	(f)		(1.37	)		(1.29	)		—			—	(g)
Year Ended October 31, 2010		10.46		0.05	(f)		3.59			3.64			(0.23	)		—

Class R5
Six Months Ended April 30, 2015 (Unaudited)		13.22		0.06	(f)		0.45			0.51			(0.25	)		—
Year Ended October 31, 2014		13.71		0.29	(f)		(0.58	)		(0.29	)		(0.20	)		—
Year Ended October 31, 2013		12.94		0.25	(f)		0.68			0.93			(0.16	)		—
Year Ended October 31, 2012		12.71		0.25	(f)		0.18			0.43			(0.20	)		—
Year Ended October 31, 2011		13.93		0.30	(f)		(1.47	)		(1.17	)		(0.05	)		—	(g)
Year Ended October 31, 2010		10.48		0.17	(f)		3.59			3.76			(0.31	)		—

Select Class
Six Months Ended April 30, 2015 (Unaudited)		13.17		0.04	(f)		0.46			0.50			(0.23	)		—
Year Ended October 31, 2014		13.67		0.26	(f)		(0.58	)		(0.32	)		(0.18	)		—
Year Ended October 31, 2013		12.91		0.21	(f)		0.70			0.91			(0.15	)		—
Year Ended October 31, 2012		12.68		0.22	(f)		0.18			0.40			(0.17	)		—
Year Ended October 31, 2011		13.92		0.25	(f)		(1.45	)		(1.20	)		(0.04	)		—	(g)
Year Ended October 31, 2010		10.48		0.14	(f)		3.59			3.73			(0.29	)		—

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f)	Calculated based upon average shares outstanding.

(g)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	13.41		3.83	%	$	34,723		1.57	%		0.49	%		1.91	%		40	%
	13.13		(2.56	)		80,806		1.60			1.71			1.73			79
	13.63		6.67			69,690		1.60			1.45			1.72			43
	12.88		3.15			30,356		1.65			1.37			1.76			72
	12.65		(8.93	)		43,519		1.75			1.50			1.75			84
	13.91		36.12			49		1.85			0.96			3.99			156


	13.24		3.61			4,861		2.11			(0.11	)		2.34			40
	12.92		(3.12	)		5,331		2.10			1.13			2.23			79
	13.44		6.25			5,089		2.10			1.02			2.22			43
	12.72		2.54			2,088		2.12			1.21			2.27			72
	12.58		(9.30	)		516		2.28			0.57			2.32			84
	13.87		35.33			49		2.35			0.46			4.49			156


	13.48		4.10			533,061		1.16			0.89			1.23			40
	13.22		(2.12	)		852,477		1.15			2.19			1.28			79
	13.71		7.21			676,985		1.15			1.84			1.27			43
	12.94		3.53			331,032		1.19			1.99			1.31			72
	12.71		(8.45	)		228,411		1.31			2.14			1.32			84
	13.93		36.66			50		1.40			1.41			3.54			156


	13.44		3.96			271,202		1.36			0.62			1.44			40
	13.17		(2.35	)		288,059		1.35			1.96			1.48			79
	13.67		7.04			277,822		1.35			1.61			1.47			43
	12.91		3.34			82,457		1.39			1.70			1.51			72
	12.68		(8.65	)		73,787		1.52			1.76			1.55			84
	13.92		36.35			7,313		1.60			1.21			3.74			156

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	23.72		0.01	(f)(g)	$	(0.77	)	$	(0.76	)	$	(0.19	)	$	—
Year Ended October 31, 2014		23.05		0.16	(f)(g)		0.59			0.75			(0.08	)		—
Year Ended October 31, 2013		22.01		0.10	(f)		1.02			1.12			(0.08	)		—
Year Ended October 31, 2012		21.09		0.07	(f)		0.85			0.92			—			—
Year Ended October 31, 2011		23.45		0.06	(f)		(2.33	)		(2.27	)		(0.09	)		—	(h)
Year Ended October 31, 2010		18.79		(0.01	)(f)		4.71			4.70			(0.04	)		—	(h)

Class B
Six Months Ended April 30, 2015 (Unaudited)		23.19		(0.04	)(f)(g)		(0.75	)		(0.79	)		(0.03	)		—
Year Ended October 31, 2014		22.57		0.02	(f)(g)		0.60			0.62			—			—
Year Ended October 31, 2013		21.59		(0.04	)(f)		1.03			0.99			(0.01	)		—
Year Ended October 31, 2012		20.80		(0.05	)(f)		0.84			0.79			—			—
Year Ended October 31, 2011		23.15		(0.07	)(f)		(2.28	)		(2.35	)		—			—	(h)
Year Ended October 31, 2010		18.60		(0.12	)(f)		4.67			4.55			—			—	(h)

Class C
Six Months Ended April 30, 2015 (Unaudited)		23.03		(0.04	)(f)(g)		(0.75	)		(0.79	)		(0.08	)		—
Year Ended October 31, 2014		22.41		0.05	(f)(g)		0.57			0.62			—			—
Year Ended October 31, 2013		21.44		(0.01	)(f)		0.99			0.98			(0.01	)		—
Year Ended October 31, 2012		20.65		(0.04	)(f)		0.83			0.79			—			—
Year Ended October 31, 2011		23.01		(0.05	)(f)		(2.29	)		(2.34	)		(0.02	)		—	(h)
Year Ended October 31, 2010		18.49		(0.11	)(f)		4.63			4.52			—			—	(h)

Class R6
Six Months Ended April 30, 2015 (Unaudited)		24.44		0.06	(f)(g)		(0.79	)		(0.73	)		(0.30	)		—
December 23, 2013 (i) through October 31, 2014		22.47		0.38	(f)(g)		1.59			1.97			—			—

Institutional Class
Six Months Ended April 30, 2015 (Unaudited)		24.42		0.07	(f)(g)		(0.81	)		(0.74	)		(0.24	)		—
Year Ended October 31, 2014		23.73		0.17	(f)(g)		0.70			0.87			(0.18	)		—
Year Ended October 31, 2013		22.65		0.20	(f)		1.04			1.24			(0.16	)		—
Year Ended October 31, 2012		21.66		0.16	(f)		0.87			1.03			(0.04	)		—
Year Ended October 31, 2011		24.04		0.16	(f)		(2.40	)		(2.24	)		(0.14	)		—	(h)
Year Ended October 31, 2010		19.23		0.08	(f)		4.82			4.90			(0.09	)		—	(h)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		24.24		0.05	(f)(g)		(0.79	)		(0.74	)		(0.24	)		—
Year Ended October 31, 2014		23.47		0.18	(f)(g)		0.64			0.82			(0.05	)		—
Year Ended October 31, 2013		22.40		0.17	(f)		1.03			1.20			(0.13	)		—
Year Ended October 31, 2012		21.42		0.13	(f)		0.86			0.99			(0.01	)		—
Year Ended October 31, 2011		23.80		0.13	(f)		(2.38	)		(2.25	)		(0.13	)		—	(h)
Year Ended October 31, 2010		19.04		0.05	(f)		4.77			4.82			(0.06	)		—	(h)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h)	Amount rounds to less than $0.01.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	22.77		(3.17	)%	$	285,598		1.65	%		0.12	(g)		1.85	%		15	%
	23.72		3.26			350,555		1.70			0.72	(g)		1.81			33
	23.05		5.08			327,090		1.76			0.46			1.79			34
	22.01		4.36			281,194		1.82			0.33			1.82			20
	21.09		(9.73	)		265,458		1.79			0.28			1.80			9
	23.45		25.08			253,037		1.82			(0.03	)		1.83			14


	22.37		(3.42	)		1,884		2.15			(0.38	)(g)		2.39			15
	23.19		2.75			2,687		2.20			0.10	(g)		2.31			33
	22.57		4.57			4,245		2.26			(0.18	)		2.29			34
	21.59		3.80			6,100		2.32			(0.23	)		2.32			20
	20.80		(10.15	)		7,572		2.29			(0.32	)		2.30			9
	23.15		24.46			10,812		2.31			(0.58	)		2.32			14


	22.16		(3.43	)		55,560		2.15			(0.32	)(g)		2.31			15
	23.03		2.77			56,732		2.20			0.22	(g)		2.31			33
	22.41		4.56			56,119		2.26			(0.06	)		2.29			34
	21.44		3.83			44,643		2.32			(0.17	)		2.32			20
	20.65		(10.18	)		43,437		2.29			(0.23	)		2.30			9
	23.01		24.45			40,757		2.32			(0.52	)		2.33			14


	23.41		(2.94	)		763,520		1.15			0.52	(g)		1.18			15
	24.44		8.77			1,130,050		1.20			1.85	(g)		1.33			33


	23.44		(2.98	)		404,322		1.25			0.60	(g)		1.37			15
	24.42		3.72			411,449		1.30			0.72	(g)		1.40			33
	23.73		5.47			1,123,600		1.36			0.88			1.39			34
	22.65		4.80			629,223		1.41			0.73			1.42			20
	21.66		(9.37	)		596,147		1.38			0.68			1.41			9
	24.04		25.55			513,904		1.40			0.37			1.43			14


	23.26		(3.03	)		577,592		1.40			0.42	(g)		1.50			15
	24.24		3.51			583,501		1.45			0.78	(g)		1.56			33
	23.47		5.34			1,900,639		1.51			0.74			1.54			34
	22.40		4.65			1,291,326		1.57			0.60			1.57			20
	21.42		(9.51	)		1,251,152		1.55			0.56			1.56			9
	23.80		25.38			925,631		1.57			0.23			1.58			14

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income
Emerging Markets Equity Income Fund
Class A
December 12, 2014 (g) through April 30, 2015 (Unaudited)	$	15.00	$	0.13	(h)	$	0.59	$	0.72	$	(0.11	)

Class C
December 12, 2014 (g) through April 30, 2015 (Unaudited)		15.00		0.11	(h)		0.58		0.69		(0.11	)

Class R5
December 12, 2014 (g) through April 30, 2015 (Unaudited)		15.00		0.16	(h)		0.59		0.75		(0.11	)

Class R6
December 12, 2014 (g) through April 30, 2015 (Unaudited)		15.00		0.16	(h)		0.59		0.75		(0.11	)

Select Class
December 12, 2014 (g) through April 30, 2015 (Unaudited)		15.00		0.14	(h)��		0.60		0.74		(0.11	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)	Certain non-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2015

(f)

(g)	Commencement of operations.

(h)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)(e)			Net investment income (loss)			Expenses without waivers and reimbursements (e)			Portfolio turnover rate (b)(f)


$	15.61		4.83	%	$	31		1.60	%		2.22	%(h)		12.08	%		13	%


	15.58		4.62			36		2.10			1.70	(h)		13.14			13


	15.64		5.03			21		1.15			2.71	(h)		10.53			13


	15.64		5.03			21		1.10			2.76	(h)		10.48			13


	15.63		4.96			3,066		1.35			2.52	(h)		10.72			13

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Research Enhanced Index Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	18.77	$	0.16	(f)	$	0.62	$	0.78	$	(0.22	)	$	(0.25	)	$	(0.47	)
Year Ended October 31, 2014		17.33		0.34	(f)		1.35		1.69		(0.15	)		(0.10	)		(0.25	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19	(f)		2.14		2.33		—			—			—

Class C
Six Months Ended April 30, 2015 (Unaudited)		18.68		0.12	(f)		0.61		0.73		(0.13	)		(0.25	)		(0.38	)
Year Ended October 31, 2014		17.28		0.25	(f)		1.33		1.58		(0.08	)		(0.10	)		(0.18	)
February 28, 2013 (g) through October 31, 2013		15.00		0.14	(f)		2.14		2.28		—			—			—

Class R2
Six Months Ended April 30, 2015 (Unaudited)		18.72		0.14	(f)		0.62		0.76		(0.17	)		(0.25	)		(0.42	)
Year Ended October 31, 2014		17.30		0.29	(f)		1.35		1.64		(0.12	)		(0.10	)		(0.22	)
February 28, 2013 (g) through October 31, 2013		15.00		0.17	(f)		2.13		2.30		—			—			—

Select Class
Six Months Ended April 30, 2015 (Unaudited)		18.81		0.19	(f)		0.61		0.80		(0.27	)		(0.25	)		(0.52	)
Year Ended October 31, 2014		17.37		0.39	(f)		1.33		1.72		(0.18	)		(0.10	)		(0.28	)
February 28, 2013 (g) through October 31, 2013		15.00		0.19	(f)		2.18		2.37		—			—			—

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Commencement of operations.

(h)	Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013.

(i)	Ratios are disproportionate among classes due to the size of net assets and fixed expenses.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	19.08		4.28	%	$	66		0.58	%		1.78	%		0.81	%		20	%
	18.77		9.90			64		0.58			1.87			0.81			40
	17.33		15.53			58		0.58	(h)		1.79	(h)		1.62	(h)(i)		25


	19.03		4.01			66		1.08			1.27			1.31			20
	18.68		9.27			63		1.08			1.37			1.31			40
	17.28		15.20			58		1.08	(h)		1.29	(h)		2.12	(h)(i)		25


	19.06		4.20			66		0.83			1.52			1.06			20
	18.72		9.58			63		0.83			1.62			1.06			40
	17.30		15.33			58		0.83	(h)		1.54	(h)		1.87	(h)(i)		25


	19.09		4.41			6,528,375		0.33			2.01			0.55			20
	18.81		10.09			3,577,523		0.33			2.16			0.56			40
	17.37		15.80			1,895,025		0.33	(h)		1.73	(h)		0.60	(h)(i)		25

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Global Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	19.55	$	(0.02	)(i)	$	1.19	$	1.17	$	(0.21	)	$	(2.34	)	$	(2.55	)
Year Ended October 31, 2014		20.11		0.23			1.17		1.40		(0.17	)		(1.79	)		(1.96	)
Year Ended October 31, 2013		16.73		0.24			3.77		4.01		(0.22	)		(0.41	)		(0.63	)
November 30, 2011 (g) through October 31, 2012		15.00		0.17			1.56		1.73		—	(h)		—			—	(h)

Class C
Six Months Ended April 30, 2015 (Unaudited)		19.43		(0.08	)(i)		1.20		1.12		(0.12	)		(2.34	)		(2.46	)
Year Ended October 31, 2014		20.01		0.14			1.16		1.30		(0.09	)		(1.79	)		(1.88	)
Year Ended October 31, 2013		16.65		0.16			3.76		3.92		(0.15	)		(0.41	)		(0.56	)
November 30, 2011 (g) through October 31, 2012		15.00		0.09			1.56		1.65		—			—			—

Class R2
Six Months Ended April 30, 2015 (Unaudited)		19.49		(0.04	)(i)		1.19		1.15		(0.17	)		(2.34	)		(2.51	)
Year Ended October 31, 2014		20.06		0.18			1.17		1.35		(0.13	)		(1.79	)		(1.92	)
Year Ended October 31, 2013		16.69		0.20			3.77		3.97		(0.19	)		(0.41	)		(0.60	)
November 30, 2011 (g) through October 31, 2012		15.00		0.13			1.56		1.69		—			—			—

Class R5
Six Months Ended April 30, 2015 (Unaudited)		19.65		0.02	(i)		1.19		1.21		(0.28	)		(2.34	)		(2.62	)
Year Ended October 31, 2014		20.19		0.31			1.19		1.50		(0.25	)		(1.79	)		(2.04	)
Year Ended October 31, 2013		16.79		0.32			3.79		4.11		(0.30	)		(0.41	)		(0.71	)
November 30, 2011 (g) through October 31, 2012		15.00		0.23			1.57		1.80		(0.01	)		—			(0.01	)

Class R6
Six Months Ended April 30, 2015 (Unaudited)		19.66		0.02	(i)		1.20		1.22		(0.29	)		(2.34	)		(2.63	)
Year Ended October 31, 2014		20.20		0.32			1.19		1.51		(0.26	)		(1.79	)		(2.05	)
Year Ended October 31, 2013		16.80		0.33			3.78		4.11		(0.30	)		(0.41	)		(0.71	)
November 30, 2011 (g) through October 31, 2012		15.00		0.24			1.57		1.81		(0.01	)		—			(0.01	)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		19.60		0.01	(i)		1.19		1.20		(0.25	)		(2.34	)		(2.59	)
Year Ended October 31, 2014		20.15		0.27			1.19		1.46		(0.22	)		(1.79	)		(2.01	)
Year Ended October 31, 2013		16.76		0.29			3.77		4.06		(0.26	)		(0.41	)		(0.67	)
November 30, 2011 (g) through October 31, 2012		15.00		0.20			1.57		1.77		(0.01	)		—			(0.01	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013 and for the period ended October 31, 2012.

(g)	Commencement of operations.

(h)	Amount rounds to less than $0.01.

(i)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	18.17		7.15	%	$	85		1.27	%		0.17	%(i)		6.32	%		48	%
	19.55		7.83			75		1.35			1.27			4.32			97
	20.11		24.74			70		1.35	(f)		1.37	(f)		5.36	(f)		71
	16.73		11.55			56		1.35	(f)		1.14	(f)		6.89	(f)		49


	18.09		6.91			101		1.76			(0.29	)(i)		7.07			48
	19.43		7.28			75		1.85			0.77			4.82			97
	20.01		24.16			69		1.85	(f)		0.87	(f)		5.85	(f)		71
	16.65		11.00			56		1.85	(f)		0.65	(f)		7.38	(f)		49


	18.13		7.03			80		1.52			(0.08	)(i)		6.56			48
	19.49		7.55			75		1.60			1.02			4.56			97
	20.06		24.45			69		1.60	(f)		1.12	(f)		5.60	(f)		71
	16.69		11.27			56		1.60	(f)		0.90	(f)		7.14	(f)		49


	18.24		7.40			82		0.82			0.62	(i)		5.86			48
	19.65		8.34			76		0.90			1.72			3.86			97
	20.19		25.29			70		0.90	(f)		1.82	(f)		4.89	(f)		71
	16.79		11.99			56		0.90	(f)		1.60	(f)		6.45	(f)		49


	18.25		7.45			82		0.77			0.67	(i)		5.81			48
	19.66		8.39			76		0.85			1.77			3.81			97
	20.20		25.33			70		0.85	(f)		1.87	(f)		4.85	(f)		71
	16.80		12.06			56		0.85	(f)		1.65	(f)		6.40	(f)		49


	18.21		7.33			4,517		0.93			0.50	(i)		6.07			48
	19.60		8.11			4,156		1.10			1.52			4.06			97
	20.15		25.04			3,844		1.10	(f)		1.62	(f)		5.10	(f)		71
	16.76		11.77			3,075		1.10	(f)		1.40	(f)		6.64	(f)		49

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Equity Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	15.25	$	0.10	(f)	$	1.00		$	1.10		$	(0.06	)	$	—
Year Ended October 31, 2014		15.92		0.37	(f)(g)		(0.68	)		(0.31	)		(0.36	)		—
Year Ended October 31, 2013		13.36		0.20	(f)		2.56			2.76			(0.20	)		—
Year Ended October 31, 2012		12.61		0.22	(f)		0.74			0.96			(0.21	)		—
Year Ended October 31, 2011		13.40		0.22	(f)		(0.80	)		(0.58	)		(0.21	)		—	(h)
Year Ended October 31, 2010		12.33		0.18	(f)		1.07			1.25			(0.18	)		—	(h)

Class B
Six Months Ended April 30, 2015 (Unaudited)		14.72		0.05	(f)		0.98			1.03			(0.03	)		—
Year Ended October 31, 2014		15.39		0.25	(f)(g)		(0.63	)		(0.38	)		(0.29	)		—
Year Ended October 31, 2013		12.93		0.11	(f)		2.49			2.60			(0.14	)		—
Year Ended October 31, 2012		12.22		0.16	(f)		0.70			0.86			(0.15	)		—
Year Ended October 31, 2011		13.00		0.14	(f)		(0.77	)		(0.63	)		(0.15	)		—	(h)
Year Ended October 31, 2010		11.97		0.11	(f)		1.04			1.15			(0.12	)		—	(h)

Class C
Six Months Ended April 30, 2015 (Unaudited)		14.52		0.06	(f)		0.95			1.01			(0.03	)		—
Year Ended October 31, 2014		15.20		0.26	(f)(g)		(0.64	)		(0.38	)		(0.30	)		—
Year Ended October 31, 2013		12.78		0.12	(f)		2.45			2.57			(0.15	)		—
Year Ended October 31, 2012		12.08		0.16	(f)		0.69			0.85			(0.15	)		—
Year Ended October 31, 2011		12.85		0.14	(f)		(0.76	)		(0.62	)		(0.15	)		—	(h)
Year Ended October 31, 2010		11.85		0.11	(f)		1.01			1.12			(0.12	)		—	(h)

Class R2
Six Months Ended April 30, 2015 (Unaudited)		15.19		0.09	(f)		0.98			1.07			(0.04	)		—
Year Ended October 31, 2014		15.87		0.30	(f)(g)		(0.65	)		(0.35	)		(0.33	)		—
Year Ended October 31, 2013		13.31		0.11	(f)		2.61			2.72			(0.16	)		—
Year Ended October 31, 2012		12.58		0.15	(f)		0.77			0.92			(0.19	)		—
Year Ended October 31, 2011		13.37		0.18	(f)		(0.79	)		(0.61	)		(0.18	)		—	(h)
Year Ended October 31, 2010		12.31		0.15	(f)		1.06			1.21			(0.15	)		—	(h)

Class R5
Six Months Ended April 30, 2015 (Unaudited)		15.46		0.13	(f)		1.02			1.15			(0.08	)		—
Year Ended October 31, 2014		16.13		0.44	(f)(g)		(0.69	)		(0.25	)		(0.42	)		—
Year Ended October 31, 2013		13.52		0.27	(f)		2.60			2.87			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—
Year Ended October 31, 2011		13.55		0.23	(f)		(0.76	)		(0.53	)		(0.27	)		—	(h)
Year Ended October 31, 2010		12.47		0.23	(f)		1.09			1.32			(0.24	)		—	(h)

Class R6
Six Months Ended April 30, 2015 (Unaudited)		15.46		0.15	(f)		1.01			1.16			(0.09	)		—
Year Ended October 31, 2014		16.13		0.45	(f)(g)		(0.69	)		(0.24	)		(0.43	)		—
Year Ended October 31, 2013		13.52		0.28	(f)		2.59			2.87			(0.26	)		—
Year Ended October 31, 2012		12.75		0.29	(f)		0.74			1.03			(0.26	)		—
November 30, 2010 (j) through October 31, 2011		12.85		0.28	(f)		(0.10	)		0.18			(0.28	)		—	(h)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		15.45		0.13	(f)		1.00			1.13			(0.07	)		—
Year Ended October 31, 2014		16.13		0.39	(f)(g)		(0.67	)		(0.28	)		(0.40	)		—
Year Ended October 31, 2013		13.52		0.23	(f)		2.61			2.84			(0.23	)		—
Year Ended October 31, 2012		12.76		0.26	(f)		0.74			1.00			(0.24	)		—
Year Ended October 31, 2011		13.56		0.24	(f)		(0.80	)		(0.56	)		(0.24	)		—	(h)
Year Ended October 31, 2010		12.47		0.22	(f)		1.08			1.30			(0.21	)		—	(h)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	16.29		7.23	%	$	207,530		1.30	%		1.34	%		1.59	%		8	%
	15.25		(2.06	)		186,242		1.31			2.34	(g)		1.45			6
	15.92		20.85			188,590		1.30			1.33			1.47			8
	13.36		7.70			98,274		1.30			1.72			1.51			5
	12.61		(4.49	)		102,866		1.31			1.63			1.52			18
	13.40		10.42			131,125		1.31			1.44			1.54			15


	15.72		6.98			710		1.80			0.67			2.20			8
	14.72		(2.57	)		963		1.81			1.63	(g)		1.95			6
	15.39		20.26			1,711		1.80			0.80			1.97			8
	12.93		7.15			2,164		1.80			1.31			2.01			5
	12.22		(4.99	)		2,817		1.81			1.08			2.02			18
	13.00		9.82			4,543		1.86			0.89			2.04			15


	15.50		6.98			28,588		1.80			0.86			2.04			8
	14.52		(2.59	)		26,299		1.81			1.73	(g)		1.95			6
	15.20		20.25			23,655		1.80			0.83			1.97			8
	12.78		7.16			17,873		1.80			1.31			2.01			5
	12.08		(4.93	)		20,193		1.81			1.09			2.02			18
	12.85		9.69			23,370		1.86			0.88			2.04			15


	16.22		7.08			1,118		1.55			1.12			1.92			8
	15.19		(2.33	)		1,405		1.56			1.92	(g)		1.70			6
	15.87		20.58			1,230		1.55			0.78			1.72			8
	13.31		7.45			721		1.55			1.16			1.74			5
	12.58		(4.73	)		67		1.56			1.33			1.77			18
	13.37		10.07			70		1.56			1.17			1.79			15


	16.53		7.49			63,086		0.86			1.67			1.04			8
	15.46		(1.65	)		95,749		0.86			2.73	(g)		1.00			6
	16.13		21.42			106,963		0.85			1.79			1.02			8
	13.52		8.19			63,767		0.85			2.24			1.05			5
	12.75		(4.07	)		45,680		0.86			1.69			1.08			18
	13.55		10.86			242,131		0.86			1.86			1.10			15


	16.53		7.51			1,960,752		0.81			1.89			0.92			8
	15.46		(1.60	)		1,681,788		0.81			2.81			0.95			6
	16.13		21.47			1,248,489		0.80			1.85			0.97			8
	13.52		8.23			682,861		0.80			2.26			1.00			5
	12.75		1.20			347,040		0.81			2.23			1.01			18


	16.51		7.36			547,918		1.06			1.71			1.20			8
	15.45		(1.88	)		494,344		1.06			2.41	(g)		1.20			6
	16.13		21.23			434,316		1.05			1.51			1.22			8
	13.52		7.91			210,375		1.05			2.02			1.25			5
	12.76		(4.26	)		186,425		1.06			1.76			1.27			18
	13.56		10.72			241,123		1.06			1.74			1.29			15

(f)	Calculated based upon average shares outstanding.

(g)

Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.20, $0.21, $0.25, $0.39, $0.40 and $0.34 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.30%, 1.40%, 1.59%, 2.40%, 2.48% and 2.08% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h)	Amount rounds to less than $0.01.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Equity Income Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	16.41	$	0.19	(f)	$	0.76		$	0.95		$	(0.43	)	$	(0.13	)	$	(0.56	)
Year Ended October 31, 2014		16.67		0.91	(f)(g)		(0.38	)		0.53			(0.66	)		(0.13	)		(0.79	)
Year Ended October 31, 2013		14.12		0.43	(f)		2.55			2.98			(0.41	)		(0.02	)		(0.43	)
Year Ended October 31, 2012		13.37		0.31	(f)		0.88			1.19			(0.44	)		—			(0.44	)
February 28, 2011 (h) through October 31, 2011		15.00		0.33	(f)		(1.64	)		(1.31	)		(0.32	)		—			(0.32	)

Class C
Six Months Ended April 30, 2015 (Unaudited)		16.36		0.31	(f)		0.59			0.90			(0.40	)		(0.13	)		(0.53	)
Year Ended October 31, 2014		16.63		0.84	(f)(g)		(0.40	)		0.44			(0.58	)		(0.13	)		(0.71	)
Year Ended October 31, 2013		14.11		0.34	(f)		2.55			2.89			(0.35	)		(0.02	)		(0.37	)
Year Ended October 31, 2012		13.35		0.36	(f)		0.77			1.13			(0.37	)		—			(0.37	)
February 28, 2011 (h) through October 31, 2011		15.00		0.30	(f)		(1.66	)		(1.36	)		(0.29	)		—			(0.29	)

Class R2
Six Months Ended April 30, 2015 (Unaudited)		16.41		0.32	(f)		0.60			0.92			(0.42	)		(0.13	)		(0.55	)
Year Ended October 31, 2014		16.67		0.87	(f)(g)		(0.39	)		0.48			(0.61	)		(0.13	)		(0.74	)
Year Ended October 31, 2013		14.12		0.40	(f)		2.54			2.94			(0.37	)		(0.02	)		(0.39	)
Year Ended October 31, 2012		13.36		0.40	(f)		0.76			1.16			(0.40	)		—			(0.40	)
February 28, 2011 (h) through October 31, 2011		15.00		0.32	(f)		(1.66	)		(1.34	)		(0.30	)		—			(0.30	)

Class R5
Six Months Ended April 30, 2015 (Unaudited)		16.46		0.37	(f)		0.62			0.99			(0.47	)		(0.13	)		(0.60	)
Year Ended October 31, 2014		16.72		0.99	(f)(g)		(0.39	)		0.60			(0.73	)		(0.13	)		(0.86	)
Year Ended October 31, 2013		14.15		0.51	(f)		2.54			3.05			(0.46	)		(0.02	)		(0.48	)
Year Ended October 31, 2012		13.38		0.50	(f)		0.76			1.26			(0.49	)		—			(0.49	)
February 28, 2011 (h) through October 31, 2011		15.00		0.38	(f)		(1.65	)		(1.27	)		(0.35	)		—			(0.35	)

Class R6
January 30, 2015 (k) through April 30, 2015 (Unaudited)		16.00		0.45	(f)		0.50			0.95			(0.12	)		—			(0.12	)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		16.45		0.26	(f)		0.72			0.98			(0.46	)		(0.13	)		(0.59	)
Year Ended October 31, 2014		16.71		0.96	(f)(g)		(0.40	)		0.56			(0.69	)		(0.13	)		(0.82	)
Year Ended October 31, 2013		14.14		0.47	(f)		2.55			3.02			(0.43	)		(0.02	)		(0.45	)
Year Ended October 31, 2012		13.37		0.47	(f)		0.76			1.23			(0.46	)		—			(0.46	)
February 28, 2011 (h) through October 31, 2011		15.00		0.37	(f)		(1.66	)		(1.29	)		(0.34	)		—			(0.34	)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Calculated based upon average shares outstanding.

(g)

Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.62, $0.74 and $0.71 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 3.74%, 4.44% and 4.25% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(h)	Commencement of operations.

(i)	Ratios are disproportionate among classes due to the size of net assets and fixed expenses.

(j)	Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011.

(k)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	16.80		6.00	%	$	61,349		1.25	%		2.36	%		1.63	%		133	%
	16.41		3.18			74,652		1.25			5.44	(g)		1.67			138
	16.67		21.40			49,118		1.24			2.77			1.82			63
	14.12		9.09			9,003		1.25			2.21			2.31			52
	13.37		(8.77	)		127		1.25	(i)		3.53	(i)		10.16	(i)(j)		40


	16.73		5.69			4,401		1.75			3.79			2.18			133
	16.36		2.67			3,530		1.75			5.03	(g)		2.17			138
	16.63		20.74			1,957		1.74			2.16			2.32			63
	14.11		8.66			646		1.75			2.69			2.95			52
	13.35		(9.12	)		60		1.75	(i)		3.17	(i)		10.82	(i)(j)		40


	16.78		5.79			649		1.50			3.91			1.83			133
	16.41		2.90			574		1.50			5.24	(g)		1.92			138
	16.67		21.12			558		1.49			2.60			2.11			63
	14.12		8.87			461		1.50			2.95			2.70			52
	13.36		(8.97	)		45		1.50	(i)		3.36	(i)		10.72	(i)(j)		40


	16.85		6.24			623		0.80			4.58			1.13			133
	16.46		3.60			587		0.80			5.94	(g)		1.22			138
	16.72		21.94			566		0.79			3.31			1.41			63
	14.15		9.62			465		0.80			3.65			2.00			52
	13.38		(8.52	)		46		0.80	(i)		4.05	(i)		10.05	(i)(j)		40


	16.83		7.16			21		0.74			11.29			1.14			133


	16.84		6.18			31,882		0.92			3.24			1.38			133
	16.45		3.39			34,719		1.00			5.75	(g)		1.42			138
	16.71		21.73			55,485		0.99			3.04			1.59			63
	14.14		9.43			27,292		1.00			3.44			2.20			52
	13.37		(8.68	)		2,666		1.00	(i)		3.85	(i)		10.23	(i)(j)		40

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Opportunities Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	14.80	$	0.13	(f)	$	0.64		$	0.77		$	(0.29	)	$	—
Year Ended October 31, 2014		15.25		0.36	(f)		(0.69	)		(0.33	)		(0.12	)		—
Year Ended October 31, 2013		12.45		0.25	(f)		2.83			3.08			(0.28	)		—
Year Ended October 31, 2012		12.00		0.23	(f)		0.56			0.79			(0.34	)		—
Year Ended October 31, 2011		13.20		0.19	(f)		(1.08	)		(0.89	)		(0.31	)		—	(g)
Year Ended October 31, 2010		12.10		0.15	(f)		1.24			1.39			(0.29	)		—	(g)

Class B
Six Months Ended April 30, 2015 (Unaudited)		14.89		0.03	(f)		0.71			0.74			(0.25	)		—
Year Ended October 31, 2014		15.29		0.26	(f)		(0.66	)		(0.40	)		—			—
Year Ended October 31, 2013		12.46		0.18	(f)		2.83			3.01			(0.18	)		—
Year Ended October 31, 2012		11.93		0.18	(f)		0.56			0.74			(0.21	)		—
Year Ended October 31, 2011		13.09		0.15	(f)		(1.10	)		(0.95	)		(0.21	)		—	(g)
Year Ended October 31, 2010		12.03		0.08	(f)		1.23			1.31			(0.25	)		—	(g)

Class C
Six Months Ended April 30, 2015 (Unaudited)		14.41		0.06	(f)		0.66			0.72			(0.28	)		—
Year Ended October 31, 2014		14.88		0.27	(f)		(0.66	)		(0.39	)		(0.08	)		—
Year Ended October 31, 2013		12.15		0.16	(f)		2.77			2.93			(0.20	)		—
Year Ended October 31, 2012		11.65		0.18	(f)		0.55			0.73			(0.23	)		—
Year Ended October 31, 2011		12.84		0.15	(f)		(1.07	)		(0.92	)		(0.27	)		—	(g)
Year Ended October 31, 2010		11.82		0.09	(f)		1.20			1.29			(0.27	)		—	(g)

Class R6
Six Months Ended April 30, 2015 (Unaudited)		15.13		0.14	(f)		0.68			0.82			(0.43	)		—
Year Ended October 31, 2014		15.57		0.44	(f)		(0.70	)		(0.26	)		(0.18	)		—
Year Ended October 31, 2013		12.69		0.32	(f)		2.88			3.20			(0.32	)		—
Year Ended October 31, 2012		12.20		0.31	(f)		0.56			0.87			(0.38	)		—
November 30, 2010 (h) through October 31, 2011		12.78		0.27	(f)		(0.48	)		(0.21	)		(0.37	)		—	(g)

Institutional Class
Six Months Ended April 30, 2015 (Unaudited)		15.13		0.12	(f)		0.70			0.82			(0.41	)		—
Year Ended October 31, 2014		15.57		0.42	(f)		(0.69	)		(0.27	)		(0.17	)		—
Year Ended October 31, 2013		12.69		0.31	(f)		2.88			3.19			(0.31	)		—
Year Ended October 31, 2012		12.20		0.30	(f)		0.56			0.86			(0.37	)		—
Year Ended October 31, 2011		13.42		0.23	(f)		(1.09	)		(0.86	)		(0.36	)		—	(g)
Year Ended October 31, 2010		12.29		0.22	(f)		1.24			1.46			(0.33	)		—	(g)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		15.06		0.12	(f)		0.68			0.80			(0.39	)		—
Year Ended October 31, 2014		15.50		0.40	(f)		(0.69	)		(0.29	)		(0.15	)		—
Year Ended October 31, 2013		12.64		0.29	(f)		2.87			3.16			(0.30	)		—
Year Ended October 31, 2012		12.15		0.28	(f)		0.56			0.84			(0.35	)		—
Year Ended October 31, 2011		13.37		0.26	(f)		(1.14	)		(0.88	)		(0.34	)		—	(g)
Year Ended October 31, 2010		12.24		0.19	(f)		1.25			1.44			(0.31	)		—	(g)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Amount rounds to less than $0.01.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	15.28		5.36	%	$	138,392		1.31	%		1.83	%		1.48	%		25	%
	14.80		(2.18	)		110,667		1.23			2.39			1.24			55
	15.25		25.09			123,807		1.25			1.78			1.26			36
	12.45		6.95			67,472		1.29			1.91			1.30			45
	12.00		(6.91	)		47,855		1.28			1.45			1.28			76
	13.20		11.67			13,904		1.34			1.23			1.36			57


	15.38		5.08			134		1.92			0.42			2.05			25
	14.89		(2.62	)		196		1.73			1.72			1.74			55
	15.29		24.45			484		1.73			1.28			1.76			36
	12.46		6.46			462		1.79			1.54			1.80			45
	11.93		(7.40	)		702		1.78			1.18			1.79			76
	13.09		11.01			949		1.85			0.65			1.86			57


	14.85		5.10			1,722		1.82			0.85			1.82			25
	14.41		(2.65	)		1,441		1.73			1.80			1.74			55
	14.88		24.41			1,109		1.75			1.19			1.76			36
	12.15		6.47			531		1.79			1.55			1.80			45
	11.65		(7.37	)		576		1.78			1.14			1.79			76
	12.84		11.05			849		1.85			0.77			1.86			57


	15.52		5.65			1,713,040		0.72			1.87			0.72			25
	15.13		(1.67	)		1,539,613		0.73			2.82			0.74			55
	15.57		25.71			1,204,314		0.75			2.27			0.76			36
	12.69		7.59			692,117		0.79			2.58			0.79			45
	12.20		(1.85	)		373,613		0.78			2.27			0.78			76


	15.54		5.63			49,401		0.83			1.68			0.83			25
	15.13		(1.76	)		56,348		0.83			2.71			0.84			55
	15.57		25.60			60,310		0.85			2.18			0.86			36
	12.69		7.45			41,574		0.89			2.47			0.90			45
	12.20		(6.59	)		39,362		0.89			1.73			0.90			76
	13.42		12.12			272,487		0.91			1.75			0.96			57


	15.47		5.52			53,894		1.00			1.64			1.00			25
	15.06		(1.91	)		47,581		0.98			2.55			0.99			55
	15.50		25.38			47,743		0.99			2.04			1.01			36
	12.64		7.28			33,029		1.04			2.35			1.05			45
	12.15		(6.77	)		28,476		1.03			1.97			1.04			76
	13.37		11.93			30,537		1.09			1.56			1.11			57

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions			Redemption fees
International Research Enhanced Equity Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	20.38	$	0.21	(f)	$	0.68		$	0.89		$	(0.40	)	$	(3.27	)	$	(3.67	)	$	—
Year Ended October 31, 2014		21.20		0.47	(f)		(0.56	)		(0.09	)		(0.39	)		(0.34	)		(0.73	)		—
Year Ended October 31, 2013		17.24		0.38	(f)		4.00			4.38			(0.42	)		—			(0.42	)		—
Year Ended October 31, 2012		16.83		0.37	(f)		0.45			0.82			(0.41	)		—			(0.41	)		—
Year Ended October 31, 2011		19.03		0.40	(f)		(2.16	)		(1.76	)		(0.44	)		—			(0.44	)		—	(g)
Year Ended October 31, 2010		17.89		0.33	(f)		1.10			1.43			(0.29	)		—			(0.29	)		—	(g)

Class B
Six Months Ended April 30, 2015 (Unaudited)		18.77		0.15	(f)		0.61			0.76			(0.29	)		(3.27	)		(3.56	)		—
Year Ended October 31, 2014		19.57		0.33	(f)		(0.51	)		(0.18	)		(0.28	)		(0.34	)		(0.62	)		—
Year Ended October 31, 2013		15.91		0.25	(f)		3.70			3.95			(0.29	)		—			(0.29	)		—
Year Ended October 31, 2012		15.52		0.23	(f)		0.43			0.66			(0.27	)		—			(0.27	)		—
Year Ended October 31, 2011		17.57		0.24	(f)		(1.99	)		(1.75	)		(0.30	)		—			(0.30	)		—	(g)
Year Ended October 31, 2010		16.54		0.18	(f)		1.02			1.20			(0.17	)		—			(0.17	)		—	(g)

Class C
Six Months Ended April 30, 2015 (Unaudited)		19.68		0.16	(f)		0.65			0.81			(0.31	)		(3.27	)		(3.58	)		—
Year Ended October 31, 2014		20.51		0.36	(f)		(0.56	)		(0.20	)		(0.29	)		(0.34	)		(0.63	)		—
Year Ended October 31, 2013		16.68		0.27	(f)		3.86			4.13			(0.30	)		—			(0.30	)		—
Year Ended October 31, 2012		16.27		0.25	(f)		0.44			0.69			(0.28	)		—			(0.28	)		—
Year Ended October 31, 2011		18.41		0.26	(f)		(2.09	)		(1.83	)		(0.31	)		—			(0.31	)		—	(g)
Year Ended October 31, 2010		17.35		0.20	(f)		1.06			1.26			(0.20	)		—			(0.20	)		—	(g)

Class R2
Six Months Ended April 30, 2015 (Unaudited)		20.07		0.18	(f)		0.67			0.85			(0.38	)		(3.27	)		(3.65	)		—
Year Ended October 31, 2014		20.91		0.40	(f)		(0.54	)		(0.14	)		(0.36	)		(0.34	)		(0.70	)		—
Year Ended October 31, 2013		17.03		0.35	(f)		3.92			4.27			(0.39	)		—			(0.39	)		—
Year Ended October 31, 2012		16.66		0.32	(f)		0.45			0.77			(0.40	)		—			(0.40	)		—
Year Ended October 31, 2011		18.86		0.32	(f)		(2.12	)		(1.80	)		(0.40	)		—			(0.40	)		—	(g)
Year Ended October 31, 2010		17.76		0.28	(f)		1.10			1.38			(0.28	)		—			(0.28	)		—	(g)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		20.54		0.24	(f)		0.68			0.92			(0.45	)		(3.27	)		(3.72	)		—
Year Ended October 31, 2014		21.36		0.52	(f)		(0.56	)		(0.04	)		(0.44	)		(0.34	)		(0.78	)		—
Year Ended October 31, 2013		17.36		0.40	(f)		4.06			4.46			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2012		16.96		0.41	(f)		0.45			0.86			(0.46	)		—			(0.46	)		—
Year Ended October 31, 2011		19.17		0.45	(f)		(2.17	)		(1.72	)		(0.49	)		—			(0.49	)		—	(g)
Year Ended October 31, 2010		18.01		0.37	(f)		1.12			1.49			(0.33	)		—			(0.33	)		—	(g)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	17.60		6.10	%	$	92,205		0.59	%		2.40	%		1.00	%		19	%
	20.38		(0.40	)		96,325		0.59			2.23			1.10			63
	21.20		25.84			108,193		0.75			2.04			1.35			51
	17.24		5.16			96,191		1.07			2.27			1.31			19
	16.83		(9.45	)		99,046		1.07			2.16			1.31			40
	19.03		8.09			124,178		1.07			1.89			1.34			39


	15.97		5.87			1,327		1.09			1.83			1.74			19
	18.77		(0.91	)		1,754		1.09			1.69			1.62			63
	19.57		25.13			2,751		1.34			1.42			1.85			51
	15.91		4.43			3,060		1.79			1.54			1.82			19
	15.52		(10.11	)		4,154		1.78			1.41			1.81			40
	17.57		7.32			6,503		1.80			1.11			1.83			39


	16.91		5.87			20,161		1.09			1.90			1.54			19
	19.68		(0.93	)		20,724		1.09			1.75			1.60			63
	20.51		25.09			21,802		1.30			1.49			1.85			51
	16.68		4.43			16,291		1.79			1.57			1.81			19
	16.27		(10.08	)		15,428		1.78			1.46			1.81			40
	18.41		7.34			18,148		1.80			1.19			1.83			39


	17.27		6.01			3,080		0.84			2.12			1.56			19
	20.07		(0.66	)		2,521		0.84			1.95			1.33			63
	20.91		25.52			1,957		0.95			1.88			1.61			51
	17.03		4.94			786		1.32			1.97			1.56			19
	16.66		(9.72	)		463		1.32			1.77			1.55			40
	18.86		7.88			251		1.32			1.62			1.59			39


	17.74		6.23			693,998		0.34			2.79			0.62			19
	20.54		(0.16	)		562,180		0.34			2.45			0.84			63
	21.36		26.18			464,273		0.53			2.10			1.09			51
	17.36		5.40			469,065		0.82			2.51			1.06			19
	16.96		(9.21	)		502,764		0.82			2.40			1.05			40
	19.17		8.37			516,537		0.82			2.08			1.08			39

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Unconstrained Equity Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	18.59	$	0.09	(h)	$	1.50		$	1.59		$	(0.17	)	$	(1.29	)	$	(1.46	)
Year Ended October 31, 2014		20.59		0.13	(i)		(0.65	)		(0.52	)		(0.17	)		(1.31	)		(1.48	)
Year Ended October 31, 2013		17.28		0.15			3.62			3.77			(0.11	)		(0.35	)		(0.46	)
November 30, 2011 (g) through October 31, 2012		15.00		0.17			2.11			2.28			—			—			—

Class C
Six Months Ended April 30, 2015 (Unaudited)		18.44		0.04	(h)		1.49			1.53			(0.07	)		(1.29	)		(1.36	)
Year Ended October 31, 2014		20.47		0.09	(i)		(0.69	)		(0.60	)		(0.12	)		(1.31	)		(1.43	)
Year Ended October 31, 2013		17.20		0.07			3.59			3.66			(0.04	)		(0.35	)		(0.39	)
November 30, 2011 (g) through October 31, 2012		15.00		0.10			2.10			2.20			—			—			—

Class R2
Six Months Ended April 30, 2015 (Unaudited)		18.55		0.02	(h)		1.55			1.57			(0.11	)		(1.29	)		(1.40	)
Year Ended October 31, 2014		20.53		0.12	(i)		(0.68	)		(0.56	)		(0.11	)		(1.31	)		(1.42	)
Year Ended October 31, 2013		17.24		0.12			3.59			3.71			(0.07	)		(0.35	)		(0.42	)
November 30, 2011 (g) through October 31, 2012		15.00		0.14			2.10			2.24			—			—			—

Class R5
Six Months Ended April 30, 2015 (Unaudited)		18.72		0.21	(h)		1.43			1.64			(0.23	)		(1.29	)		(1.52	)
Year Ended October 31, 2014		20.69		0.24	(i)		(0.67	)		(0.43	)		(0.23	)		(1.31	)		(1.54	)
Year Ended October 31, 2013		17.35		0.25			3.61			3.86			(0.17	)		(0.35	)		(0.52	)
November 30, 2011 (g) through October 31, 2012		15.00		0.24			2.11			2.35			—			—			—

Class R6
Six Months Ended April 30, 2015 (Unaudited)		18.73		0.22	(h)		1.42			1.64			(0.24	)		(1.29	)		(1.53	)
Year Ended October 31, 2014		20.70		0.25	(i)		(0.67	)		(0.42	)		(0.24	)		(1.31	)		(1.55	)
Year Ended October 31, 2013		17.36		0.26			3.61			3.87			(0.18	)		(0.35	)		(0.53	)
November 30, 2011 (g) through October 31, 2012		15.00		0.25			2.11			2.36			—			—			—

Select Class
Six Months Ended April 30, 2015 (Unaudited)		18.67		—	(h)(j)		1.63			1.63			(0.20	)		(1.29	)		(1.49	)
Year Ended October 31, 2014		20.64		0.21	(i)		(0.67	)		(0.46	)		(0.20	)		(1.31	)		(1.51	)
Year Ended October 31, 2013		17.32		0.21			3.60			3.81			(0.14	)		(0.35	)		(0.49	)
November 30, 2011 (g) through October 31, 2012		15.00		0.21			2.11			2.32			—			—			—

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013 and for the period ended October 31, 2012.

(g)	Commencement of operations.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)

Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.08, $0.20, $0.22 and $0.17 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.48%, 1.18%, 1.23% and 0.99% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

(j)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	18.72		9.53	%	$	1,079		1.25	%		0.82	%(h)		5.00	%		33	%
	18.59		(2.47	)		351		1.32			0.98	(i)		5.09			63
	20.59		22.23			83		1.32	(f)		0.89	(f)		7.99	(f)		65
	17.28		15.20			58		1.32	(f)		1.17	(f)		6.99	(f)		40


	18.61		9.20			354		1.75			0.37	(h)		5.51			33
	18.44		(2.91	)		137		1.82			0.55	(i)		6.19			63
	20.47		21.61			76		1.82	(f)		0.40	(f)		8.35	(f)		65
	17.20		14.67			57		1.82	(f)		0.67	(f)		7.47	(f)		40


	18.72		9.39			21		1.50			0.05	(h)		5.82			33
	18.55		(2.68	)		68		1.57			0.66	(i)		6.05			63
	20.53		21.92			70		1.57	(f)		0.67	(f)		8.01	(f)		65
	17.24		14.93			57		1.57	(f)		0.92	(f)		7.23	(f)		40


	18.84		9.78			21		0.80			0.75	(h)		5.13			33
	18.72		(1.99	)		70		0.87			1.36	(i)		5.34			63
	20.69		22.76			71		0.87	(f)		1.37	(f)		7.31	(f)		65
	17.35		15.67			58		0.87	(f)		1.62	(f)		6.54	(f)		40


	18.84		9.78			21		0.75			0.80	(h)		5.08			33
	18.73		(1.95	)		70		0.82			1.41	(i)		5.29			63
	20.70		22.80			71		0.82	(f)		1.42	(f)		7.26	(f)		65
	17.36		15.73			58		0.82	(f)		1.67	(f)		6.49	(f)		40


	18.81		9.71			20,557		0.90			0.94	(h)		4.17			33
	18.67		(2.18	)		3,868		1.07			1.17	(i)		5.55			63
	20.64		22.49			3,925		1.07	(f)		1.17	(f)		7.52	(f)		65
	17.32		15.47			3,175		1.07	(f)		1.42	(f)		6.74	(f)		40

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
International Value Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	14.14	$	0.09	(f)(g)	$	0.37		$	0.46		$	(0.47	)	$	—
Year Ended October 31, 2014		15.02		0.47	(f)(g)(h)		(1.07	)		(0.60	)		(0.28	)		—
Year Ended October 31, 2013		12.18		0.22	(f)		2.91			3.13			(0.29	)		—
Year Ended October 31, 2012		12.05		0.31	(f)		0.21			0.52			(0.39	)		—
Year Ended October 31, 2011		13.36		0.28	(f)		(1.17	)		(0.89	)		(0.42	)		—	(i)
Year Ended October 31, 2010		12.27		0.17	(f)		1.20			1.37			(0.28	)		—	(i)

Class B
Six Months Ended April 30, 2015 (Unaudited)		14.02		0.04	(f)(g)		0.39			0.43			(0.33	)		—
Year Ended October 31, 2014		14.86		0.37	(f)(g)(h)		(1.05	)		(0.68	)		(0.16	)		—
Year Ended October 31, 2013		12.03		0.17	(f)		2.87			3.04			(0.21	)		—
Year Ended October 31, 2012		11.89		0.25	(f)		0.20			0.45			(0.31	)		—
Year Ended October 31, 2011		13.18		0.21	(f)		(1.16	)		(0.95	)		(0.34	)		—	(i)
Year Ended October 31, 2010		12.10		0.11	(f)		1.18			1.29			(0.21	)		—	(i)

Class C
Six Months Ended April 30, 2015 (Unaudited)		13.72		0.05	(f)(g)		0.37			0.42			(0.39	)		—
Year Ended October 31, 2014		14.61		0.38	(f)(g)(h)		(1.05	)		(0.67	)		(0.22	)		—
Year Ended October 31, 2013		11.84		0.16	(f)		2.83			2.99			(0.22	)		—
Year Ended October 31, 2012		11.72		0.25	(f)		0.19			0.44			(0.32	)		—
Year Ended October 31, 2011		13.01		0.21	(f)		(1.14	)		(0.93	)		(0.36	)		—	(i)
Year Ended October 31, 2010		11.96		0.11	(f)		1.17			1.28			(0.23	)		—	(i)

Class R2
Six Months Ended April 30, 2015 (Unaudited)		13.93		0.06	(f)(g)		0.37			0.43			(0.43	)		—
Year Ended October 31, 2014		14.78		0.42	(f)(g)(h)		(1.05	)		(0.63	)		(0.22	)		—
Year Ended October 31, 2013		11.99		0.18	(f)		2.88			3.06			(0.27	)		—
Year Ended October 31, 2012		11.86		0.28	(f)		0.19			0.47			(0.34	)		—
Year Ended October 31, 2011		13.21		0.24	(f)		(1.15	)		(0.91	)		(0.44	)		—	(i)
Year Ended October 31, 2010		12.19		0.11	(f)		1.21			1.32			(0.30	)		—	(i)

Class R6
Six Months Ended April 30, 2015 (Unaudited)		14.42		0.08	(f)(g)		0.43			0.51			(0.53	)		—
Year Ended October 31, 2014		15.29		0.54	(f)(g)(h)		(1.09	)		(0.55	)		(0.32	)		—
Year Ended October 31, 2013		12.38		0.30	(f)		2.96			3.26			(0.35	)		—
Year Ended October 31, 2012		12.26		0.37	(f)		0.21			0.58			(0.46	)		—
November 30, 2010 (j) through October 31, 2011		12.72		0.32	(f)		(0.30	)		0.02			(0.48	)		—	(i)

Institutional Class
Six Months Ended April 30, 2015 (Unaudited)		14.41		0.11	(f)(g)		0.39			0.50			(0.52	)		—
Year Ended October 31, 2014		15.29		0.53	(f)(g)(h)		(1.09	)		(0.56	)		(0.32	)		—
Year Ended October 31, 2013		12.38		0.29	(f)		2.95			3.24			(0.33	)		—
Year Ended October 31, 2012		12.26		0.36	(f)		0.20			0.56			(0.44	)		—
Year Ended October 31, 2011		13.59		0.33	(f)		(1.19	)		(0.86	)		(0.47	)		—	(i)
Year Ended October 31, 2010		12.47		0.25	(f)		1.19			1.44			(0.32	)		—	(i)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		14.48		0.11	(f)(g)		0.39			0.50			(0.50	)		—
Year Ended October 31, 2014		15.19		0.45	(f)(g)(h)		(1.04	)		(0.59	)		(0.12	)		—
Year Ended October 31, 2013		12.31		0.27	(f)		2.93			3.20			(0.32	)		—
Year Ended October 31, 2012		12.19		0.34	(f)		0.21			0.55			(0.43	)		—
Year Ended October 31, 2011		13.50		0.31	(f)		(1.18	)		(0.87	)		(0.44	)		—	(i)
Year Ended October 31, 2010		12.40		0.23	(f)		1.18			1.41			(0.31	)		—	(i)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	14.13		8.11	%	$	623,800		1.35	%		1.27	%(g)		1.41	%		39	%
	14.14		(4.09	)		491,010		1.33			3.19	(g)(h)		1.36			59
	15.02		26.13			221,077		1.33			1.66			1.35			66
	12.18		4.64			124,691		1.35			2.66			1.37			62
	12.05		(6.91	)		113,976		1.34			2.15			1.36			60
	13.36		11.35			143,259		1.34			1.41			1.35			92


	14.12		7.95			1,189		1.85			0.65	(g)		1.98			39
	14.02		(4.61	)		1,602		1.83			2.54	(g)(h)		1.85			59
	14.86		25.64			2,476		1.82			1.29			1.85			66
	12.03		4.04			2,932		1.85			2.20			1.87			62
	11.89		(7.42	)		3,557		1.84			1.61			1.86			60
	13.18		10.81			5,337		1.84			0.91			1.85			92


	13.75		7.93			31,595		1.85			0.71	(g)		1.89			39
	13.72		(4.64	)		31,176		1.83			2.65	(g)(h)		1.86			59
	14.61		25.58			22,682		1.83			1.19			1.85			66
	11.84		4.04			14,311		1.85			2.23			1.87			62
	11.72		(7.38	)		16,510		1.84			1.60			1.86			60
	13.01		10.81			19,646		1.84			0.89			1.85			92


	13.93		7.98			1,729		1.60			0.96	(g)		1.96			39
	13.93		(4.33	)		1,768		1.58			2.91	(g)(h)		1.61			59
	14.78		25.91			1,249		1.59			1.39			1.60			66
	11.99		4.27			881		1.60			2.43			1.62			62
	11.86		(7.12	)		694		1.59			1.84			1.61			60
	13.21		11.00			856		1.60			0.90			1.61			92


	14.40		8.27			7,270		0.73			1.23	(g)		0.72			39
	14.42		(3.64	)		30,992		0.83			3.58	(g)(h)		0.84			59
	15.29		26.84			107,313		0.84			2.12			0.85			66
	12.38		5.11			25,945		0.84			3.06			0.87			62
	12.26		(0.10	)		50		0.84			2.57			0.86			60


	14.39		8.20			1,598,600		0.95			1.53	(g)		0.96			39
	14.41		(3.75	)		2,932,420		0.93			3.51	(g)(h)		0.96			59
	15.29		26.72			1,087,334		0.94			2.08			0.95			66
	12.38		5.00			639,798		0.94			3.03			0.97			62
	12.26		(6.56	)		545,034		0.94			2.48			0.96			60
	13.59		11.79			421,538		0.92			2.04			0.95			92


	14.48		8.14			266,036		1.02			1.52	(g)		1.02			39
	14.48		(3.90	)		300,712		1.08			2.96	(g)(h)		1.10			59
	15.19		26.46			1,634,392		1.09			1.99			1.10			66
	12.31		4.87			1,458,864		1.10			2.92			1.12			62
	12.19		(6.65	)		1,413,804		1.09			2.37			1.12			60
	13.50		11.56			943,998		1.09			1.84			1.10			92

(f)	Calculated based upon average shares outstanding.

(g)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(h)

Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.29, $0.30, $0.34, $0.46, $0.45 and $0.37 for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 2.67%, 2.02%, 2.13%, 2.39%, 3.06%, 2.99% and 2.44% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively.

(i)	Amount rounds to less than $0.01.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	131

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Redemption fees
Intrepid International Fund
Class A
Six Months Ended April 30, 2015 (Unaudited)	$	19.49	$	0.17	(f)(g)	$	1.04		$	1.21		$	(0.21	)	$	—
Year Ended October 31, 2014		19.79		0.39	(f)(g)		(0.45	)		(0.06	)		(0.24	)		—
Year Ended October 31, 2013		15.90		0.25	(d)		3.88			4.13			(0.24	)		—
Year Ended October 31, 2012		15.32		0.25	(d)		0.49			0.74			(0.16	)		—
Year Ended October 31, 2011		16.59		0.24	(d)		(1.27	)		(1.03	)		(0.24	)		—	(f)
Year Ended October 31, 2010		14.99		0.12	(d)		1.73			1.85			(0.25	)		—	(f)

Class C
Six Months Ended April 30, 2015 (Unaudited)		19.63		0.12	(f)(g)		1.06			1.18			(0.10	)		—
Year Ended October 31, 2014		19.92		0.36	(f)(g)		(0.52	)		(0.16	)		(0.13	)		—
Year Ended October 31, 2013		16.00		0.17	(d)		3.90			4.07			(0.15	)		—
Year Ended October 31, 2012		15.36		0.18	(d)		0.50			0.68			(0.04	)		—
Year Ended October 31, 2011		16.61		0.15	(d)		(1.26	)		(1.11	)		(0.14	)		—	(f)
Year Ended October 31, 2010		14.99		0.05	(d)		1.73			1.78			(0.16	)		—	(f)

Class R2
Six Months Ended April 30, 2015 (Unaudited)		19.31		0.22	(f)(g)		0.96			1.18			(0.14	)		—
Year Ended October 31, 2014		19.61		0.40	(f)(g)		(0.53	)		(0.13	)		(0.17	)		—
Year Ended October 31, 2013		15.74		0.20	(d)		3.86			4.06			(0.19	)		—
Year Ended October 31, 2012		15.21		0.19	(d)		0.50			0.69			(0.16	)		—
Year Ended October 31, 2011		16.46		0.17	(d)		(1.22	)		(1.05	)		(0.20	)		—	(f)
Year Ended October 31, 2010		14.86		0.08	(d)		1.72			1.80			(0.20	)		—	(f)

Institutional Class
Six Months Ended April 30, 2015 (Unaudited)		19.95		0.22	(f)(g)		1.07			1.29			(0.30	)		—
Year Ended October 31, 2014		20.23		0.49	(f)(g)		(0.46	)		0.03			(0.31	)		—
Year Ended October 31, 2013		16.24		0.34	(d)		3.97			4.31			(0.32	)		—
Year Ended October 31, 2012		15.66		0.33	(d)		0.50			0.83			(0.25	)		—
Year Ended October 31, 2011		16.94		0.32	(d)		(1.29	)		(0.97	)		(0.31	)		—	(f)
Year Ended October 31, 2010		15.27		0.19	(d)		1.78			1.97			(0.30	)		—	(f)

Select Class
Six Months Ended April 30, 2015 (Unaudited)		20.22		0.20	(f)(g)		1.09			1.29			(0.25	)		—
Year Ended October 31, 2014		20.51		0.51	(f)(g)		(0.53	)		(0.02	)		(0.27	)		—
Year Ended October 31, 2013		16.46		0.31	(d)		4.01			4.32			(0.27	)		—
Year Ended October 31, 2012		15.85		0.30	(d)		0.51			0.81			(0.20	)		—
Year Ended October 31, 2011		16.99		0.26	(d)		(1.28	)		(1.02	)		(0.12	)		—	(f)
Year Ended October 31, 2010		15.31		0.15	(d)		1.79			1.94			(0.26	)		—	(f)

(a)	Annualized for periods less than one year, unless otherwise noted.

(b)	Not annualized for periods less than one year.

(c)

(d)	Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted.

(e)

(f)	Calculated based upon average shares outstanding.

(g)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(h)	Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)


$	20.49		6.32	%	$	132,076		1.34	%		1.78	%(g)		1.53	%		20	%
	19.49		(0.33	)		101,114		1.39			1.96	(g)		1.46			48
	19.79		26.25			60,135		1.47			1.42			1.54			49
	15.90		4.97			32,231		1.50			1.65			1.62			46
	15.32		(6.30	)		31,942		1.50			1.42			1.61			79
	16.59		12.54			23,960		1.50			0.78			1.73			92


	20.71		6.05			1,691		1.84			1.27	(g)		1.98			20
	19.63		(0.84	)		1,318		1.89			1.79	(g)		1.96			48
	19.92		25.60			1,131		1.98			0.94			2.04			49
	16.00		4.45			875		2.00			1.18			2.12			46
	15.36		(6.75	)		1,018		2.00			0.91			2.11			79
	16.61		12.01			1,489		2.00			0.30			2.24			92


	20.35		6.18			292		1.56			2.24	(g)		1.64			20
	19.31		(0.66	)		98		1.64			2.03	(g)		1.71			48
	19.61		26.02			98		1.72			1.16			1.79			49
	15.74		4.64			81		1.75			1.29			1.87			46
	15.21		(6.48	)		106		1.75			1.04			1.85			79
	16.46		12.26			68		1.75			0.53			1.99			92


	20.94		6.58			1,793,896		0.87			2.21	(g)		0.94			20
	19.95		0.13			1,474,870		0.89			2.39	(g)		1.05			48
	20.23		26.90			582,599		0.97			1.88			1.14			49
	16.24		5.50			303,575		1.00			2.16			1.21			46
	15.66		(5.85	)		178,258		1.00			1.88			1.20			79
	16.94		13.11			99,766		1.00			1.21			1.31			92


	21.26		6.46			17,223		1.06			1.99	(g)		1.17			20
	20.22		(0.13	)		15,963		1.14			2.47	(g)		1.21			48
	20.51		26.56			13,916		1.23			1.68			1.29			49
	16.46		5.24			9,467		1.25			1.94			1.37			46
	15.85		(6.08	)		12,225		1.25			1.51			1.37			79
	16.99		12.86			26,408		1.25			0.93			1.37			92

SEE NOTES TO FINANCIAL STATEMENTS.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	133

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 12 separate funds of the Trusts (collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversified/Non-Diversified
Emerging Economies Fund	Class A, Class C, Class R5 and Select Class	JPM I	Diversified
Emerging Markets Equity Fund	Class A, Class B, Class C, Class R6*, Institutional Class and Select Class	JPM I	Diversified
Emerging Markets Equity Income Fund	Class A, Class C, Class R5, Class R6 and Select Class	JPM I	Diversified
Global Research Enhanced Index Fund	Class A, Class C, Class R2, and Select Class	JPM I	Diversified
Global Unconstrained Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
International Equity Fund	Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
International Equity Income Fund	Class A, Class C, Class R2, Class R5, Class R6** and Select Class	JPM I	Diversified
International Opportunities Fund	Class A, Class B, Class C, Class R6, Institutional Class and Select Class	JPM I	Diversified
International Research Enhanced Equity Fund	Class A, Class B, Class C, Class R2 and Select Class	JPM II	Diversified
International Unconstrained Equity Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM I	Diversified
International Value Fund	Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM I	Diversified
Intrepid International Fund	Class A, Class C, Class R2, Class R6***, Institutional Class and Select Class	JPM I	Diversified

Emerging Markets Equity Income Fund commenced operations on December 12, 2014. Prior to March 27, 2015, the Fund was not publicly offered for investment.

As of April 30, 2015, Class A, Class C and Class R2 Shares of Global Research Enhanced Index Fund were not publicly offered for investment.

Prior to January 5, 2015, Class A, Class C, Class R5, Class R6 and Select Class Shares of Global Unconstrained Equity Fund were not publicly offered for investment.

*	Class R6 Shares commenced operations on December 23, 2013 for Emerging Markets Equity Fund.

**	Class R6 Shares commenced operations on January 30, 2015 for International Equity Income Fund.

***	Class R6 Shares commenced operations on May 29, 2015 for Intrepid International Fund.

Effective January 30, 2015, Global Equity Income Fund changed its name to International Equity Income Fund.

The investment objective of Emerging Economies Fund is to seek long-term capital growth.

The investment objective of Emerging Markets Equity Fund is to seek to provide high total return from a portfolio of equity securities from emerging markets issuers.

The investment objective of Emerging Markets Equity Income Fund and the International Equity Income Fund is to seek to provide both current income and long-term capital appreciation.

The investment objective of Global Research Enhanced Index Fund, International Research Enhanced Equity Fund and International Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

The investment objective of Global Unconstrained Equity Fund is to seek to provide long-term capital appreciation.

The investment objective of International Equity Fund is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.

The investment objective of International Opportunities Fund is to seek to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.

The investment objective of International Value Fund is to seek to provide high total return from a portfolio of foreign company equity securities.

The investment objective of Intrepid International Fund is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.

Prior to June 30, 2014, the investment objective of International Research Enhanced Equity Fund was to seek to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product Index.



134	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

Class A Shares generally provide for a front-end sales charge while Class B and Class C Shares provide for a contingent deferred sales charge (“CDSC”). On June 19, 2015, all Class B Shares automatically converted to Class A Shares of the Fund. Prior to June 19, 2015, Class B Shares automatically convert to Class A Shares after eight years. No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

JPMorgan Funds Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations. Other derivatives are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by Emerging Economies Fund at April 30, 2015.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

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Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

Level 2 — Other significant observable inputs including, but are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	135

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Emerging Economies Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Brazil	$	52,389	$	—	$	—		$	52,389
China		16,723		193,392		—			210,115
Egypt		—		2,358		—			2,358
Hong Kong		1,754		38,124		—			39,878
India		17,045		35,971		—			53,016
Indonesia		—		8,243		—			8,243
Netherlands		1,132		—		—			1,132
Poland		—		6,899		—			6,899
Qatar		—		1,901		—			1,901
Russia		13,965		36,109		—			50,074
South Africa		—		31,031		—			31,031
South Korea		13,746		143,935		7,162			164,843
Taiwan		9,547		97,880		—			107,427
Thailand		6,625		39,853		—			46,478
Turkey		—		41,658		—			41,658
United Arab Emirates		—		6,823		—			6,823

Total Common Stocks		132,926		684,177		7,162			824,265

Preferred Stocks
Brazil		1,202		—		—			1,202
Russia		—		3,660		—			3,660

Total Preferred Stocks		1,202		3,660		—			4,862

Short-Term Investment
Investment Company		10,500		—		—			10,500

Total Investments in Securities	$	144,628	$	687,837	$	7,162	*	$	839,627

*	Level 3 investments are valued by brokers and pricing services. At April 30, 2015, the value of these investments was approximately $7,162,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.



136	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

Emerging Markets Equity Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—	$	26,236	$	—		$	26,236
Brazil		179,433		—		—			179,433
China		89,520		97,770		—			187,290
Cyprus		—		5,856		—			5,856
Hong Kong		197		131,587		—			131,784
India		198,360		148,563		—			346,923
Indonesia		—		71,823		—			71,823
Mexico		48,447		—		—			48,447
Panama		29,097		—		—			29,097
Peru		30,762		—		—			30,762
Russia		—		144,737		—			144,737
South Africa		—		378,168		—			378,168
South Korea		—		84,049		—			84,049
Switzerland		15,727		—		—			15,727
Taiwan		66,070		100,725		—			166,795
Thailand		20,476		94,388		—			114,864
Turkey		—		53,214		—			53,214
United Kingdom		—		45,829		—			45,829
							��
Total Common Stocks		678,089		1,382,945		—			2,061,034

Preferred Stocks
Brazil		17,676		—		—			17,676
Short-Term Investment
Investment Company		22,701		—		—			22,701

Total Investments in Securities	$	718,466	$	1,382,945	$	—		$	2,101,411


Emerging Markets Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Brazil	$	310	$	—	$	—		$	310
Chile		59		—		—			59
China		—		322		—			322
Hong Kong		—		247		—			247
Hungary		—		45		—			45
Indonesia		—		50		—			50
Mexico		63		—		—			63
Poland		—		53		—			53
Russia		65		143		—			208
Singapore		—		43		—			43
South Africa		32		364		—			396
South Korea		119		55		—			174
Taiwan		73		595		—			668
Thailand		62		68		—			130
Turkey		—		157		—			157
United Arab Emirates		—		39		—			39

Total Common Stocks		783		2,181		—			2,964

Warrants		—		70		—			70

Total Investments in Securities	$	783	$	2,251	$	—		$	3,034



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	137

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)


Global Research Enhanced Index Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	164,926	$	—	$	164,926
Austria		—	(a)		—		—		—	(a)
Belgium		—			45,063		—		45,063
Canada		233,038			—		—		233,038
China		—			1,163		—		1,163
Colombia		—	(a)		—		—		—	(a)
Denmark		—			40,884		—		40,884
Finland		—			25,341		—		25,341
France		—			256,800		—		256,800
Germany		—			211,708		—		211,708
Hong Kong		6,351			66,216		—		72,567
Ireland		46,759			17,851		—		64,610
Israel		9,351			—		—		9,351
Italy		—			62,238		—		62,238
Japan		—			546,004		—		546,004
Luxembourg		—			7,995		—		7,995
Netherlands		3,467			91,356		—		94,823
New Zealand		685			2,333		—		3,018
Norway		—			18,530		—		18,530
Singapore		23,190			26,178		—		49,368
Spain		—			87,250		—		87,250
Sweden		—			37,869		—		37,869
Switzerland		34,735			232,403		—		267,138
United Kingdom		7,573			467,809		—		475,382
United States		3,478,095			—		—		3,478,095

Total Common Stocks		3,843,244			2,409,917		—		6,253,161

Preferred Stocks
Germany		—			27,186		—		27,186
Short-Term Investment
Investment Company		225,787			—		—		225,787

Total Investments in Securities	$	4,069,031		$	2,437,103	$	—	$	6,506,134

Appreciation in Other Financial Instruments
Futures Contracts	$	1,424		$	—	$	—	$	1,424

Depreciation in Other Financial Instruments
Futures Contracts	$	(974	)	$	—	$	—	$	(974	)



138	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


Global Unconstrained Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	44	$	—	$	44
Brazil		26		—		—		26
Canada		123		—		—		123
China		199		153		—		352
Finland		—		29		—		29
France		—		353		—		353
Germany		79		—		—		79
Hong Kong		—		57		—		57
India		37		—		—		37
Ireland		46		—		—		46
Israel		98		—		—		98
Japan		—		92		—		92
Luxembourg		34		—		—		34
Netherlands		58		—		—		58
South Korea		—		116		—		116
Spain		106		—		—		106
Switzerland		58		210		—		268
United Kingdom		—		394		—		394
United States		2,388		—		—		2,388

Total Common Stocks		3,252		1,448		—		4,700

Short-Term Investment
Investment Company		162		—		—		162

Total Investments in Securities	$	3,414	$	1,448	$	—	$	4,862


International Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	44,851	$	—	$	44,851
Belgium		—		43,086		—		43,086
China		—		84,296		—		84,296
Denmark		—		21,573		—		21,573
France		—		325,471		—		325,471
Germany		—		173,602		—		173,602
Hong Kong		—		122,782		—		122,782
India		21,963		—		—		21,963
Indonesia		—		12,547		—		12,547
Israel		27,586		—		—		27,586
Japan		—		544,031		—		544,031
Netherlands		—		138,835		—		138,835
South Africa		—		22,618		—		22,618
South Korea		—		53,992		—		53,992
Switzerland		—		415,071		—		415,071
Taiwan		26,101		—		—		26,101
United Kingdom		—		613,905		—		613,905

Total Common Stocks		75,650		2,616,660		—		2,692,310



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	139

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)


International Equity Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Preferred Stocks
Germany	$	—	$	71,945		$	—	$	71,945
Short-Term Investment
Investment Company		47,731		—			—		47,731

Total Investments in Securities	$	123,381	$	2,688,605		$	—	$	2,811,986

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(20	)	$	—	$	(20	)


International Equity Income Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	5,615		$	—	$	5,615
China		—		1,757			—		1,757
Finland		—		2,290			—		2,290
France		—		5,521			—		5,521
Germany		—		7,174			—		7,174
Hong Kong		1,665		—			—		1,665
Ireland		—		812			—		812
Israel		1,502		1,725			—		3,227
Italy		—		1,105			—		1,105
Japan		—		19,937			—		19,937
Netherlands		—		5,464			—		5,464
Norway		—		2,867			—		2,867
Russia		—		832			—		832
South Africa		—		1,133			—		1,133
South Korea		—		1,120			—		1,120
Spain		—		2,611			—		2,611
Sweden		—		1,717			—		1,717
Switzerland		—		6,420			—		6,420
Taiwan		1,978		—			—		1,978
United Kingdom		796		21,069			—		21,865

Total Common Stocks		5,941		89,169			—		95,110

Short-Term Investment
Investment Company		2,843		—			—		2,843

Total Investments in Securities	$	8,784	$	89,169		$	—	$	97,953



140	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


International Opportunities Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—		$	77,780		$	—	$	77,780
China		7,732			20,268			—		28,000
Denmark		—			6,198			—		6,198
Finland		—			20,424			—		20,424
France		—			164,277			—		164,277
Germany		—			127,756			—		127,756
Hong Kong		24,872			35,792			—		60,664
Ireland		—			23,260			—		23,260
Italy		—			34,436			—		34,436
Japan		—			450,624			—		450,624
Netherlands		—			86,360			—		86,360
Norway		—			29,966			—		29,966
South Korea		—			19,528			—		19,528
Spain		—			12,379			—		12,379
Sweden		—			21,315			—		21,315
Switzerland		—			261,690			—		261,690
United Kingdom		—			432,863			—		432,863

Total Common Stocks		32,604			1,824,916			—		1,857,520

Preferred Stocks
Germany		—			26,171			—		26,171
Short-Term Investment
Investment Company		62,979			—			—		62,979

Total Investments in Securities	$	95,583		$	1,851,087		$	—	$	1,946,670

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	7,941		$	—	$	7,941

Depreciation in Other Financial Instruments
Futures Contracts	$	(471	)	$	—		$	—	$	(471	)
Forward Foreign Currency Exchange Contracts		—			(6,744	)		—		(6,744	)

Total Depreciation in Other Financial Instruments	$	(471	)	$	(6,744	)	$	—	$	(7,215	)



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	141

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)


International Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Australia	$	—		$	45,228	$	—	(a)	$	45,228
Belgium		—			6,732		—			6,732
Denmark		—			17,514		—			17,514
Finland		—			12,984		—			12,984
France		2,026			85,454		—			87,480
Germany		—			65,825		—			65,825
Hong Kong		5,912			15,781		—			21,693
Ireland		3,273			6,159		—			9,432
Israel		2,735			—		—			2,735
Italy		—			18,051		—			18,051
Japan		—			179,625		—			179,625
Luxembourg		—			2,450		—			2,450
Netherlands		—			33,262		—			33,262
New Zealand		—			2,937		—			2,937
Norway		—			4,788		—			4,788
Portugal		—			1,774		—			1,774
Singapore		—			7,047		—			7,047
Spain		—			22,586		—			22,586
Sweden		—			14,512		—			14,512
Switzerland		—			65,939		—			65,939
United Kingdom		3,388			150,714		—			154,102

Total Common Stocks		17,334			759,362		—	(a)		776,696

Preferred Stocks
Germany		—			10,652		—			10,652
Short-Term Investment
Investment Company		17,887			—		—			17,887

Total Investments in Securities	$	35,221		$	770,014	$	—	(a)	$	805,235

Appreciation in Other Financial Instruments
Futures Contracts	$	122		$	—	$	—		$	122

Depreciation in Other Financial Instruments
Futures Contracts	$	(61	)	$	—	$	—		$	(61	)

International Unconstrained Equity Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Canada	$	1,464	$	—	$	—	$	1,464
China		770		622		—		1,392
France		—		2,640		—		2,640
Germany		391		299		—		690
Hong Kong		—		640		—		640
India		838		—		—		838
Ireland		—		394		—		394
Italy		—		477		—		477
Japan		—		2,602		—		2,602
Netherlands		—		1,020		—		1,020
South Africa		—		435		—		435
South Korea		—		526		—		526
Switzerland		—		2,570		—		2,570
Taiwan		395		—		—		395
United Kingdom		—		3,476		—		3,476

Total Common Stocks		3,858		15,701		—		19,559



142	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


International Unconstrained Equity Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investment
Investment Company	$	1,600	$	—		$	—	$	1,600

Total Investments in Securities	$	5,458	$	15,701		$	—	$	21,159


International Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	84,884		$	—	$	84,884
Belgium		—		51,227			—		51,227
Brazil		17,963		—			—		17,963
China		—		25,431			—		25,431
Finland		—		21,961			—		21,961
France		—		343,561			—		343,561
Germany		—		180,248			—		180,248
Hong Kong		25,034		—			—		25,034
India		13,372		—			—		13,372
Ireland		20,890		24,382			—		45,272
Italy		—		130,873			—		130,873
Japan		—		579,259			—		579,259
Luxembourg		—		25,103			—		25,103
Netherlands		—		123,462			—		123,462
Norway		—		47,043			—		47,043
Singapore		—		22,305			—		22,305
South Korea		—		40,942			—		40,942
Spain		—		83,616			—		83,616
Sweden		—		31,234			—		31,234
Switzerland		—		149,280			—		149,280
United Kingdom		—		414,916			—		414,916

Total Common Stocks		77,259		2,379,727			—		2,456,986

Preferred Stocks
Germany		—		22,485			—		22,485
Short-Term Investment
Investment Company		4,663		—			—		4,663

Total Investments in Securities	$	81,922	$	2,402,212		$	—	$	2,484,134

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	43,448		$	—	$	43,448

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(37,804	)	$	—	$	(37,804	)



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	143

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

Intrepid International Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Australia	$	—	$	128,856	$	—	$	128,856
Austria		—		7,356		—		7,356
Belgium		—		39,383		—		39,383
China		—		7,723		—		7,723
Denmark		—		29,413		—		29,413
Finland		—		17,645		—		17,645
France		15,607		184,881		—		200,488
Germany		—		153,285		—		153,285
Hong Kong		9,091		29,435		—		38,526
India		5,827		—		—		5,827
Ireland		6,296		31,964		—		38,260
Israel		12,644		—		—		12,644
Italy		—		30,649		—		30,649
Japan		—		435,356		—		435,356
Luxembourg		—		6,282		—		6,282
Netherlands		—		71,605		—		71,605
Norway		—		13,836		—		13,836
Portugal		—		5,979		—		5,979
Singapore		—		8,883		—		8,883
South Africa		—		7,439		—		7,439
South Korea		—		11,420		—		11,420
Spain		—		62,796		—		62,796
Sweden		—		43,670		—		43,670
Switzerland		—		157,067		—		157,067
United Kingdom		8,651		346,615		—		355,266
United States		—		6,071		—		6,071

Total Common Stocks		58,116		1,837,609		—		1,895,725

Preferred Stocks
Germany		—		17,764		—		17,764
Short-Term Investment
Investment Company		33,135		—		—		33,135

Total Investments in Securities	$	91,251	$	1,855,373	$	—	$	1,946,624

(a)	Amount rounds to less than $1,000.

There were no transfers between Levels 1 and 2 during the six months ended April 30, 2015.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):


Emerging Economies Fund	Balance as of October 31, 2014			Realized gain (loss)			Change in unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases¹		Sales²			Transfers into Level 3		Transfers out of Level 3		Balance as of April 30, 2015
Investments in Securities
Common Stocks — Hong Kong	$	—	(a)	$	(1,762	)	$	1,906	$	—	$	—	$	(144	)	$	—	$	—	$	—
Common Stocks — South Korea		—			62			1,892		—		612		(1,655	)		6,251		—		7,162

Total	$	—		$	(1,700	)	$	3,798	$	—	$	612	$	(1,799	)	$	6,251	$	—	$	7,162

1	Purchases include all purchases of securities and securities received in corporate actions.

2	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than $1,000.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at April 30, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $1,892,000. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.



144	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of April 30, 2015, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

The following are the values and percentages of net assets of illiquid securities as of April 30, 2015 (amounts in thousands):



	Value			Percentage
Emerging Economies Fund	$	7,162			0.8	%
International Research Enhanced Equity Fund		—	(a)		0.0	(b)

(a)	Amount rounds to less than $1,000.

(b)	Amount rounds to less than 0.1%.

C. Futures Contracts — Global Research Enhanced Index Fund, International Opportunities Fund, International Research Enhanced Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Funds also bought futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2015 (amounts in thousands):


	Global Research Enhanced Index Fund		International Opportunities Fund		International Research Enhanced Equity Fund		International Value Fund
Futures Contracts:
Average Notional Balance Long	$	185,583	$	9,763	$	23,005	$	15,647
Ending Notional Balance Long		181,827		25,439		17,080		—

D. Forward Foreign Currency Exchange Contracts — International Equity Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also bought forward currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency contract offsets another forward foreign currency contract with the same counterparty upon settlement.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	145

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

As of April 30, 2015, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the six months ended April 30, 2015 (amounts in thousands):


	International Equity Fund			International Opportunities Fund		International Value Fund
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	4,252	(a)	$	374,582	$	727,233
Average Settlement Value Sold		—			330,573		645,524
Ending Settlement Value Purchased		4,252			449,339		1,596,935
Ending Settlement Value Sold		—			363,394		1,578,564

(a)	For the period from April 1, 2015 to April 30, 2015.

E. Summary of Derivatives Information

The following table presents the value of derivatives held as of April 30, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Global Research Enhanced Index Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,424


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(974	)

(a)	This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

International Equity Fund

International Opportunities Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Foreign exchange contracts	Receivables	$	—		$	7,941		$	7,941


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(471	)	$	—		$	(471	)
Foreign exchange contracts	Payables		—			(6,744	)		(6,744	)

Total		$	(471	)	$	(6,744	)	$	(7,215	)

(a)	This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.



146	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

International Research Enhanced Equity Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	122


Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(61	)

(a)	This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

International Value Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	Receivables	$	43,448


Gross Liabilities:
Foreign exchange contracts	Payables	$	(37,804	)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2015 (amounts in thousands):

International Value Fund


Counterparty	Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received		Net Amount Due From Counterparty (not less than zero)
Australia and New Zealand Banking Group Limited	$	4,466	$	(3,454	)	$	—	$	1,012
Barclays Bank plc		1,257		(1,131	)		—		126
BNP Paribas		697		(697	)		—		—
Citibank, N.A.		146		(146	)		—		—
Credit Suisse International		2,705		(562	)		—		2,143
Deutsche Bank AG		8,887		(1,299	)		—		7,588
Goldman Sachs International		3,549		(2,607	)		—		942
HSBC Bank, N.A.		1,500		(1,500	)		—		—
Morgan Stanley		3,950		(450	)		—		3,500
National Australia Bank		62		(62	)		—		—
Royal Bank of Canada		1,540		(188	)		—		1,352
Royal Bank of Scotland		394		(394	)		—		—
Standard Chartered Bank		1,424		(409	)		—		1,015
State Street Corp.		309		(309	)		—		—
TD Bank Financial Group		139		—			—		139
Union Bank of Switzerland AG		5,337		(1,469	)		—		3,868
Westpac Banking Corp		7,086		—			—		7,086

	$	43,448	$	(14,677	)	$	—	$	28,771



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	147

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)


Counterparty	Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due To Counterparty (not less than zero)
Australia and New Zealand Banking Group Limited	$	3,454	$	(3,454	)	$	—	$	—
Barclays Bank plc		1,131		(1,131	)		—		—
BNP Paribas		700		(697	)				3
Citibank, N.A.		7,562		(146	)		—		7,416
Credit Suisse International		562		(562	)		—		—
Deutsche Bank AG		1,299		(1,299	)		—		—
Goldman Sachs International		2,607		(2,607	)		—		—
HSBC Bank, N.A.		2,458		(1,500	)		—		958
Morgan Stanley		450		(450	)		—		—
National Australia Bank		514		(62	)		—		452
Royal Bank of Canada		188		(188	)		—		—
Royal Bank of Scotland		944		(394	)		—		550
Societe Generale		1,002		—			—		1,002
Standard Chartered Bank		409		(409	)		—		—
State Street Corp.		13,055		(309	)		—		12,746
Union Bank of Switzerland AG		1,469		(1,469	)		—		—

	$	37,804	$	(14,677	)	$	—	$	23,127

(a)	For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2015, by primary underlying risk exposure (amounts in thousands):

Emerging Economies Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	192

Emerging Markets Equity Income Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	—	(a)

(a)	Amount rounds to less than $1,000.



148	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

Global Research Enhanced Index Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,943	)



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(6,415	)

Global Unconstrained Equity Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	—	(a)

(a)	Amount rounds to less than $1,000.

International Equity Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	5



Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	(20	)

International Opportunities Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	1,955	$	—		$	1,955
Foreign exchange contracts		—		(14,540	)		(14,540	)

Total	$	1,955	$	(14,540	)	$	(12,585	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	(426	)	$	—	$	(426	)
Foreign exchange contracts		—			3,482		3,482

Total	$	(426	)	$	3,482	$	3,056

International Research Enhanced Equity Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,286



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	149

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	69

International Unconstrained Equity Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(9	)

International Value Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	4,479	$	—		$	4,479
Foreign exchange contracts		—		(5,580	)		(5,580	)

Total	$	4,479	$	(5,580	)	$	(1,101	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Equity contracts	$	484	$	—	$	484
Foreign exchange contracts		—		2,450		2,450

Total	$	484	$	2,450	$	2,934

The Funds’ derivatives contracts held at April 30, 2015 are not accounted for as hedging instruments under GAAP.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held. Accordingly, such foreign currency gains (losses) are included in the reported Change in net unrealized appreciation/depreciation on investment transactions on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Offering and Organizational Costs — Total offering costs of approximately $120,000 incurred in connection with the offering of shares of Emerging Markets Equity Income Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statements of Operations. For the period ended April 30, 2015, total offering costs amortized were approximately $45,000.

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and



150	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Sub-transfer agent fees are class-specific expenses. The amount of the Sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2015 are as follows (amounts in thousands):


	Class A			Class B			Class C			Class R2			Class R5		Institutional Class			Select Class
Emerging Economies Fund	$	81		$	—		$	3		$	—		$	1	$	—		$	13
Emerging Markets Equity Fund		272			2			33			—			—		178			186
Global Research Enhanced Index Fund		—			—			—			—			—		—			3
International Equity Fund		158			1			15			1			32		—			87
International Equity Income Fund		18			—			2			—			—		—			8
International Opportunities Fund		107			—	(a)		1			—			—		3			6
International Research Enhanced Equity Fund		55			2			17			6			—		—			18
International Unconstrained Equity Fund		—	(a)		—			—	(a)		—			—		—			—
International Value Fund		498			1			23			4			—		1,766			52
Intrepid International Fund		109			—			1			—	(a)		—		—	(a)		6

(a)	Amount rounds to less than $1,000.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2015, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.

India has enacted rules imposing a tax on indirect transfers of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.

L. Distributions to Shareholders — Distributions from net investment income if any, are generally declared and paid annually, except for International Equity Income Fund, which are declared and paid monthly and for International Equity Fund, which are declared and paid quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.

The annual rate for each Fund is as follows:


Emerging Economies Fund	1.00	%
Emerging Markets Equity Fund	1.00
Emerging Markets Equity Income Fund	1.00
Global Research Enhanced Index Fund	0.20
Global Unconstrained Equity Fund	0.70	(a)
International Equity Fund	0.80



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	151

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)


International Equity Income Fund	0.70	%(a)
International Opportunities Fund	0.60
International Research Enhanced Equity Fund	0.20	(b)
International Unconstrained Equity Fund	0.70	(a)
International Value Fund	0.60
Intrepid International Fund	0.60	(c)

(a)	Prior to December 1, 2014, the investment advisory fee was 0.80% for Global Unconstrained Equity Fund, International Equity Income Fund and International Unconstrained Equity Fund.

(b)	Prior to May 20, 2014, the investment advisory fee was 0.55% for International Research Enhanced Equity Fund.

(c)	Prior to March 1, 2015, the investment advisory fee was 0.80% for Intrepid International Fund.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended April 30, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to Distribution Agreements, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:


	Class A			Class B			Class C			Class R2
Emerging Economies Fund		0.25	%		n/a			0.75	%		n/a
Emerging Markets Equity Fund		0.25			0.75	%		0.75			n/a
Emerging Markets Equity Income Fund		0.25			n/a			0.75			n/a
Global Research Enhanced Index Fund		0.25			n/a			0.75			0.50	%
Global Unconstrained Equity Fund		0.25			n/a			0.75			0.50
International Equity Fund		0.25			0.75			0.75			0.50
International Equity Income Fund		0.25			n/a			0.75			0.50
International Opportunities Fund		0.25			0.75			0.75			n/a
International Research Enhanced Equity Fund		0.25			0.75			0.75			0.50
International Unconstrained Equity Fund		0.25			n/a			0.75			0.50
International Value Fund		0.25			0.75			0.75			0.50
Intrepid International Fund		0.25			n/a			0.75			0.50

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2015, the Distributor retained the following amounts (in thousands):


	Front-End Sales Charge		CDSC
Emerging Economies Fund	$	3	$	—	(a)
Emerging Markets Equity Fund		38		—	(a)
International Equity Fund		11		—	(a)
International Equity Income Fund		13		—	(a)
International Opportunities Fund		2		—
International Research Enhanced Equity Fund		6		—	(a)
International Unconstrained Equity Fund		1		—	(a)
International Value Fund		184		—	(a)
Intrepid International Fund		1		—

(a)	Amount rounds to less than $1,000.



152	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class B			Class C			Class R2			Class R5			Institutional Class			Select Class
Emerging Economies Fund		0.25	%		n/a			0.25	%		n/a			0.05	%		n/a			0.25	%
Emerging Markets Equity Fund		0.25			0.25	%		0.25			n/a			n/a			0.10	%		0.25
Emerging Markets Equity Income Fund		0.25			n/a			0.25			n/a			0.05			n/a			0.25
Global Research Enhanced Index Fund		0.25			n/a			0.25			0.25	%		n/a			n/a			0.25
Global Unconstrained Equity Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Equity Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
International Equity Income Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Opportunities Fund		0.25			0.25			0.25			n/a			n/a			0.10			0.25
International Research Enhanced Equity Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.25
International Unconstrained Equity Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
International Value Fund		0.25			0.25			0.25			0.25			n/a			0.10			0.25
Intrepid International Fund		0.25			n/a			0.25			0.25			n/a			0.10			0.25

The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.

The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included as Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Class A			Class B			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Emerging Economies Fund		1.60	%		n/a			2.10	%		n/a			1.15	%		n/a			n/a			1.35	%
Emerging Markets Equity Fund*		1.55			2.05	%		2.05			n/a			n/a			1.05	%		1.15	%		1.30
Emerging Markets Equity Income Fund		1.60			n/a			2.10			n/a			1.15			1.10			n/a			1.35
Global Research Enhanced Index Fund		0.59			n/a			1.09			0.84	%		n/a			n/a			n/a			0.34
Global Unconstrained Equity Fund**		1.25			n/a			1.75			1.50			0.80			0.75			n/a			0.90
International Equity Fund		1.31			1.81			1.81			1.56			0.86			0.81			n/a			1.06
International Equity Income Fund		1.25			n/a			1.75			1.50			0.80			0.75			n/a			0.90	***
International Opportunities Fund		1.31			1.92			1.92			n/a			n/a			0.81			0.91			1.06
International Research Enhanced Equity Fund		0.60			1.10			1.10			0.85			n/a			n/a			n/a			0.35
International Unconstrained Equity Fund****		1.25			n/a			1.75			1.50			0.80			0.75			n/a			0.90
International Value Fund		1.35			1.85			1.85			1.60			n/a			0.85			0.95			1.10
Intrepid International Fund*****		1.25			n/a			1.75			1.50			n/a			n/a			0.85			0.90

*	Prior to March 1, 2015, the contractual expense limitations for Emerging Markets Equity Fund were 1.70%, 2.20%, 2.20%, 1.20%, 1.30% and 1.45% for Class A, Class B, Class C, Class R6, Institutional Class and Select Class Shares, respectively.

**	Prior to December 1, 2014, the contractual expense limitations for Global Unconstrained Equity Fund were 1.35%, 1.85%, 1.60%, 0.90%, 0.85% and 1.10% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

***	Prior to December 1, 2014, the contractual expense limitation for the Select Class Shares of International Equity Income Fund was 1.00%.

****	Prior to December 1, 2014, the contractual expense limitations for International Unconstrained Equity Fund are 1.32%, 1.82%, 1.57%, 0.87%, 0.82% and 1.07% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively.

*****

Prior to March 1, 2015, the contractual expense limitations for Intrepid International Fund were 1.40%, 1.90%, 1.65%, 0.90% and 1.15% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	153

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2015 and are in place until February 29, 2016.

For the six months ended April 30, 2015, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Emerging Economies Fund	$	232	$	154	$	85	$	471	$	13
Emerging Markets Equity Fund		261		174		546		981		68
Emerging Markets Equity Income Fund		12		1		—		13		104
Global Research Enhanced Index Fund		3,428		2,204		2		5,634		—	(a)
Global Unconstrained Equity Fund		16		2		2		20		98
International Equity Fund		803		535		290		1,628		12
International Equity Income Fund		112		40		40		192		—
International Opportunities Fund		—		—		70		70		2
International Research Enhanced Equity Fund		652		291		83		1,026		4
International Unconstrained Equity Fund		24		3		3		30		85
International Value Fund		—		—		311		311		33
Intrepid International Fund		261		173		245		679		—	(a)

(a)	Amount rounds to less than $1,000.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2015 were as follows (amounts in thousands):


Emerging Economies Fund	$	11
Emerging Markets Equity Fund		36
Global Research Enhanced Index Fund		226
International Equity Fund		58
International Equity Income Fund		3
International Opportunities Fund		30
International Research Enhanced Equity Fund		22
International Value Fund		33
Intrepid International Fund		46

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended April 30, 2015, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended April 30, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):


Emerging Economics Fund	$	7
Emerging Markets Equity Fund		14
Emerging Markets Equity Income Fund		—	(a)
Global Research Enhanced Index Fund		21
Global Unconstrained Equity Fund		—	(a)



154	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


International Equity Fund	$	9
International Equity Income Fund		1
International Opportunities Fund		10
International Research Enhanced Equity Fund		2
International Value Fund		38
Intrepid International Fund		15

(a)	Amount rounds to less than $1,000.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended April 30, 2015, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Emerging Economies Fund	$	418,141	$	806,398
Emerging Markets Equity Fund		350,399		667,735
Emerging Markets Equity Income Fund		3,289		375
Global Research Enhanced Index Fund		3,727,863		1,050,247
Global Unconstrained Equity Fund		2,126		2,178
International Equity Fund		452,066		201,417
International Equity Income Fund		128,214		146,779
International Opportunities Fund		495,037		420,781
International Research Enhanced Equity Fund		229,736		128,463
International Unconstrained Equity Fund		16,956		2,744
International Value Fund		1,342,362		2,672,445
Intrepid International Fund		724,472		343,492

During the six months ended April 30, 2015, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2015 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Economies Fund	$	730,300	$	148,461	$	39,134	$	109,327
Emerging Markets Equity Fund		1,782,247		442,618		123,454		319,164
Emerging Markets Equity Income Fund		2,894		235		95		140
Global Research Enhanced Index Fund		5,927,529		639,643		61,038		578,605
Global Unconstrained Equity Fund		4,218		710		66		644
International Equity Fund		2,347,865		538,293		74,172		464,121
International Equity Income Fund		92,317		6,579		943		5,636
International Opportunities Fund		1,707,710		265,504		26,544		238,960
International Research Enhanced Equity Fund		688,796		129,774		13,335		116,439
International Unconstrained Equity Fund		20,072		1,156		69		1,087
International Value Fund		2,180,143		346,717		42,726		303,991
Intrepid International Fund		1,763,919		216,405		33,700		182,705

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	155

NOTES TO FINANCIAL STATEMENTS

AS OF APRIL 30, 2015 (Unaudited) (continued)

At October 31, 2014, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Emerging Economies Fund	$	34,954	$	35,501

At October 31, 2014, the following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains as follows (amounts in thousands):


	2016		2017		2018		2019		Total
Emerging Economies Fund	$	—	$	1,890	$	—	$	16,730	$	18,620
Emerging Markets Equity Fund		—		4,903		—		—		4,903
International Equity Fund		—		—		4,532		3,312		7,844
International Opportunities Fund		—		—		—		5,449		5,449
International Value Fund		35,803		241,545		63,767		—		341,115
Intrepid International Fund		281,509		250,971		—		—		532,480

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 9, 2015.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at April 30, 2015. Average borrowings from the Facility for, or at any time during, the six months ended April 30, 2015, were as follows (amounts in thousands):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Emerging Economies Fund	$	60,897		0.23	%		27	$	10
Emerging Markets Equity Fund		86,600		0.23			20		11
International Equity Income Fund		12,624		0.23			2		—	(a)
International Opportunities Fund		31,722		0.21			4		1
International Value Fund		83,581		0.24			11		6

(a)	Amount rounds to less than $1,000.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets for each of Global Research Enhanced Index Fund and International Value Fund.



156	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

As of April 30, 2015, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own, in the aggregate, more than 10% of the net assets of the Funds as follows:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Emerging Economies Fund		24.5	%		51.8	%
Emerging Markets Equity Fund		n/a			29.4
International Equity Fund		13.6			59.3
International Opportunities Fund		n/a			72.1
International Research Enhanced Equity Fund		73.8			n/a
International Unconstrained Equity Fund		84.3			n/a
Intrepid International Fund		n/a			84.9

Additionally, the Adviser owns a significant portion of the outstanding shares of Emerging Markets Equity Income Fund and Global Unconstrained Equity Fund.

International Value Fund has shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own a significant portion of the Fund’s outstanding shares.

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 2015, a significant portion of each Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of April 30, 2015, the Funds had the following country allocations representing greater than 10% of total investments:


	Brazil			China			France			Germany			India			Japan
Emerging Economies Fund		—			25.0	%		—			—			—			—
Emerging Markets Equity Fund		—			—			—			—			16.5	%		—
Emerging Markets Equity Income Fund		10.2	%		10.6			—			—			—			—
Global Research Enhanced Index Fund		—			—			—			—			—			—
Global Unconstrained Equity Fund		—			—			—			—			—			—
International Equity Fund								11.6	%								19.4	%
International Equity Income Fund		—						—			—			—			20.4
International Opportunities Fund		—			—						—			—			23.2
International Research Enhanced Equity Fund		—			—			10.9			—			—			22.3
International Unconstrained Equity Fund		—			—			12.5			—			—			12.3
International Value Fund		—			—			13.8			—			—			23.3
Intrepid International Fund		—			—			10.3			—			—			22.4

	South Africa			South Korea			Switzerland			Taiwan			United Kingdom			United States
Emerging Economies Fund		—			19.6	%		—			12.8	%		—			—
Emerging Markets Equity Fund		18.0	%		—			—			—			—			—
Emerging Markets Equity Income Fund		13.0			—			—			22.0			—			—
Global Research Enhanced Index Fund		—			—			—			—			—			53.5	%
Global Unconstrained Equity Fund		—			—			—						—			49.1
International Equity Fund		—			—			14.8	%					21.8	%		—
International Equity Income Fund		—			—			—						22.3			—
International Opportunities Fund		—			—			13.5			—			22.2			—
International Research Enhanced Equity Fund		—			—			—			—			19.1			—
International Unconstrained Equity Fund		—			—			12.1			—			16.4			—
International Value Fund		—			—			—			—			16.7			—
Intrepid International Fund		—			—						—			18.2			—



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	157

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2014, and continued to hold your shares at the end of the reporting period, April 30, 2015.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Economies Fund
Class A
Actual*	$	1,000.00	$	1,038.30	$	7.93		1.57	%
Hypothetical*		1,000.00		1,017.01		7.85		1.57
Class C
Actual*		1,000.00		1,036.10		10.65		2.11
Hypothetical*		1,000.00		1,014.33		10.54		2.11
Class R5
Actual*		1,000.00		1,041.00		5.87		1.16
Hypothetical*		1,000.00		1,019.04		5.81		1.16
Select Class
Actual*		1,000.00		1,039.60		6.88		1.36
Hypothetical*		1,000.00		1,018.05		6.81		1.36

Emerging Markets Equity Fund
Class A
Actual*		1,000.00		968.30		8.05		1.65
Hypothetical*		1,000.00		1,016.61		8.25		1.65
Class B
Actual*		1,000.00		965.80		10.48		2.15
Hypothetical*		1,000.00		1,014.13		10.74		2.15
Class C
Actual*		1,000.00		965.70		10.48		2.15
Hypothetical*		1,000.00		1,014.13		10.74		2.15
Class R6
Actual*		1,000.00		970.60		5.62		1.15
Hypothetical*		1,000.00		1,019.09		5.76		1.15



158	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During the Period		Annualized Expense Ratio
Emerging Markets Equity Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	970.20	$	6.06		1.24	%
Hypothetical*		1,000.00		1,018.65		6.21		1.24
Select Class
Actual*		1,000.00		969.70		6.84		1.40
Hypothetical*		1,000.00		1,017.85		7.00		1.40

Emerging Markets Equity Income Fund
Class A
Actual**		1,000.00		1,048.30		6.24		1.60
Hypothetical*		1,000.00		1,016.86		8.00		1.60
Class C
Actual**		1,000.00		1,046.20		8.18		2.10
Hypothetical*		1,000.00		1,014.38		10.49		2.10
Class R5
Actual**		1,000.00		1,050.30		4.49		1.15
Hypothetical*		1,000.00		1,019.09		5.76		1.15
Class R6
Actual**		1,000.00		1,050.30		4.29		1.10
Hypothetical*		1,000.00		1,019.34		5.51		1.10
Select Class
Actual**		1,000.00		1,049.60		5.27		1.35
Hypothetical*		1,000.00		1,018.10		6.76		1.35

Global Research Enhanced Index Fund
Class A
Actual*		1,000.00		1,042.80		2.94		0.58
Hypothetical*		1,000.00		1,021.92		2.91		0.58
Class C
Actual*		1,000.00		1,040.10		5.46		1.08
Hypothetical*		1,000.00		1,019.44		5.41		1.08
Class R2
Actual*		1,000.00		1,042.00		4.20		0.83
Hypothetical*		1,000.00		1,020.68		4.16		0.83
Select Class
Actual*		1,000.00		1,044.10		1.67		0.33
Hypothetical*		1,000.00		1,023.16		1.66		0.33

Global Unconstrained Equity Fund
Class A
Actual*		1,000.00		1,071.50		6.52		1.27
Hypothetical*		1,000.00		1,018.50		6.36		1.27
Class C
Actual*		1,000.00		1,069.10		9.03		1.76
Hypothetical*		1,000.00		1,016.07		8.80		1.76
Class R2
Actual*		1,000.00		1,070.30		7.80		1.52
Hypothetical*		1,000.00		1,017.26		7.60		1.52
Class R5
Actual*		1,000.00		1,074.00		4.22		0.82
Hypothetical*		1,000.00		1,020.73		4.11		0.82
Class R6
Actual*		1,000.00		1,074.50		3.96		0.77
Hypothetical*		1,000.00		1,020.98		3.86		0.77
Select Class
Actual*		1,000.00		1,073.90		4.78		0.93
Hypothetical*		1,000.00		1,020.18		4.66		0.93



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	159

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


		Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During the Period		Annualized Expense Ratio
International Equity Fund
Class A
Actual*		$	1,000.00	$	1,072.30	$	6.68		1.30	%
Hypothetical*			1,000.00		1,018.35		6.51		1.30
Class B
Actual*	��		1,000.00		1,069.80		9.24		1.80
Hypothetical*			1,000.00		1,015.87		9.00		1.80
Class C
Actual*			1,000.00		1,069.80		9.24		1.80
Hypothetical*			1,000.00		1,015.87		9.00		1.80
Class R2
Actual*			1,000.00		1,070.80		8.01		1.56
Hypothetical*			1,000.00		1,017.06		7.80		1.56
Class R5
Actual*			1,000.00		1,074.90		4.42		0.86
Hypothetical*			1,000.00		1,020.53		4.31		0.86
Class R6
Actual*			1,000.00		1,075.10		4.17		0.81
Hypothetical*			1,000.00		1,020.78		4.06		0.81
Select Class
Actual*			1,000.00		1,073.60		5.45		1.06
Hypothetical*			1,000.00		1,019.54		5.31		1.06

International Equity Income Fund
Class A
Actual*			1,000.00		1,060.00		6.38		1.25
Hypothetical*			1,000.00		1,018.60		6.26		1.25
Class C
Actual*			1,000.00		1,056.90		8.92		1.75
Hypothetical*			1,000.00		1,016.12		8.75		1.75
Class R2
Actual*			1,000.00		1,057.90		7.65		1.50
Hypothetical*			1,000.00		1,017.36		7.50		1.50
Class R5
Actual*			1,000.00		1,062.40		4.09		0.80
Hypothetical*			1,000.00		1,020.83		4.01		0.80
Class R6
Actual***			1,000.00		1,071.60		1.92		0.75
Hypothetical*			1,000.00		1,021.08		3.76		0.75
Select Class
Actual*			1,000.00		1,061.80		4.70		0.92
Hypothetical*			1,000.00		1,020.23		4.61		0.92

International Opportunities Fund
Class A
Actual*			1,000.00		1,053.60		6.67		1.31
Hypothetical*			1,000.00		1,018.30		6.56		1.31
Class B
Actual*			1,000.00		1,050.80		9.76		1.92
Hypothetical*			1,000.00		1,015.27		9.59		1.92
Class C
Actual*			1,000.00		1,051.00		9.26		1.82
Hypothetical*			1,000.00		1,015.77		9.10		1.82
Class R6
Actual*			1,000.00		1,056.50		3.67		0.72
Hypothetical*			1,000.00		1,021.22		3.61		0.72



160	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015


		Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During the Period		Annualized Expense Ratio
International Opportunities Fund (continued)
Institutional Class
Actual*		$	1,000.00	$	1,056.30	$	4.23		0.83	%
Hypothetical*			1,000.00		1,020.68		4.16		0.83
Select Class
Actual*			1,000.00		1,055.20		5.10		1.00
Hypothetical*			1,000.00		1,019.84		5.01		1.00

International Research Enhanced Equity Fund
Class A
Actual*			1,000.00		1,061.00		3.01		0.59
Hypothetical*			1,000.00		1,021.87		2.96		0.59
Class B
Actual*			1,000.00		1,058.70		5.56		1.09
Hypothetical*	��		1,000.00		1,019.39		5.46		1.09
Class C
Actual*			1,000.00		1,058.70		5.56		1.09
Hypothetical*			1,000.00		1,019.39		5.46		1.09
Class R2
Actual*			1,000.00		1,060.10		4.29		0.84
Hypothetical*			1,000.00		1,020.63		4.21		0.84
Select Class
Actual*			1,000.00		1,062.30		1.74		0.34
Hypothetical*			1,000.00		1,023.11		1.71		0.34

International Unconstrained Equity Fund
Class A
Actual*			1,000.00		1,095.30		6.55		1.26
Hypothetical*			1,000.00		1,018.55		6.31		1.26
Class C
Actual*			1,000.00		1,092.00		9.13		1.76
Hypothetical*			1,000.00		1,016.07		8.80		1.76
Class R2
Actual*			1,000.00		1,093.90		7.84		1.51
Hypothetical*			1,000.00		1,017.31		7.55		1.51
Class R5
Actual*			1,000.00		1,097.80		4.21		0.81
Hypothetical*			1,000.00		1,020.78		4.06		0.81
Class R6
Actual*			1,000.00		1,097.80		3.95		0.76
Hypothetical*			1,000.00		1,021.03		3.81		0.76
Select Class
Actual*			1,000.00		1,097.10		4.78		0.92
Hypothetical*			1,000.00		1,020.23		4.61		0.92

International Value Fund
Class A
Actual*			1,000.00		1,081.10		6.97		1.35
Hypothetical*			1,000.00		1,018.10		6.76		1.35
Class B
Actual*			1,000.00		1,079.50		9.54		1.85
Hypothetical*			1,000.00		1,015.62		9.25		1.85
Class C
Actual*			1,000.00		1,079.30		9.54		1.85
Hypothetical*			1,000.00		1,015.62		9.25		1.85
Class R2
Actual*			1,000.00		1,079.80		8.25		1.60
Hypothetical*			1,000.00		1,016.86		8.00		1.60



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	161

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value November 1, 2014		Ending Account Value April 30, 2015		Expenses Paid During the Period		Annualized Expense Ratio
International Value Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,082.70	$	3.77		0.73	%
Hypothetical*		1,000.00		1,021.17		3.66		0.73
Institutional Class
Actual*		1,000.00		1,082.00		4.90		0.95
Hypothetical*		1,000.00		1,020.08		4.76		0.95
Select Class
Actual*		1,000.00		1,081.40		5.26		1.02
Hypothetical*		1,000.00		1,019.74		5.11		1.02

Intrepid International Fund
Class A
Actual*		1,000.00		1,063.20		6.85		1.34
Hypothetical*		1,000.00		1,018.15		6.71		1.34
Class C
Actual*		1,000.00		1,060.50		9.40		1.84
Hypothetical*		1,000.00		1,015.67		9.20		1.84
Class R2
Actual*		1,000.00		1,061.80		7.97		1.56
Hypothetical*		1,000.00		1,017.06		7.80		1.56
Institutional Class
Actual*		1,000.00		1,065.80		4.46		0.87
Hypothetical*		1,000.00		1,020.48		4.36		0.87
Select Class
Actual*		1,000.00		1,064.60		5.43		1.06
Hypothetical*		1,000.00		1,019.54		5.31		1.06

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 139/365 (to reflect the actual period.) Commencement of operations was December 12, 2014.

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 90/365 (to reflect the actual period.) Commencement of operations was January 30, 2015.



162	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

For the JPMorgan Emerging Markets Equity Income Fund

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment subcommittees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering approvals of initial advisory agreements for new funds. At their August 2013 in-person meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial investment advisory agreement (the “New Advisory Agreement”) for the Fund whose semi-annual report is contained herein.

In connection with the approval of the New Advisory Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreement, the Trustees reviewed the New Advisory Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreement. The Trustees also discussed the proposed agreement in an executive session with counsel to the Trust and independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the New Advisory Agreement.

The Trustees considered information provided with respect to the Fund and the approval of the New Advisory Agreement. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under the New Advisory Agreement was fair and reasonable and that the initial approval of the New Advisory Agreement was in the best interests of the Fund and its potential shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the New Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex and the Trustees’ experience with the Adviser and its services. The Trustees considered the

background and experience of the Adviser’s senior management and investment personnel, as well as the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy and investment process for the Fund, and the infrastructure supporting the portfolio management team. In addition, the Trustees considered information about the structure and distribution strategy of the Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.

The Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser to the J.P. Morgan Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the J.P. Morgan Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan Funds.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services to be provided to the Fund by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds. The Trustees also considered the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMorgan Funds Management, Inc. (“JPMFM”) and JPMorgan Distribution Services, Inc. (“JPMDS”), affiliates of the Adviser, will earn fees from the Fund for providing administrative and shareholder services. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services. The Trustees also considered that any fall-out benefits would be comparable to those related to the other actively managed funds in the complex and were consistent with the process of approving advisory agreements for new funds.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed



APRIL 30, 2015	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	163

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

investment advisory fee schedule for the Fund does not contain breakpoints, but that the fee schedule for the administrative services provided by JPMFM does include a fee breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Fund will benefit from that breakpoint. The Trustees also noted that the Adviser has implemented fee waivers and expense limitations. The Trustees concluded that shareholders of the Fund will generally benefit from the lower expense ratios that resulted from these factors. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints to the New Advisory Agreement and the Trustees concluded that with the adoption of a contractual cap on total expenses, shareholders will benefit from expected economies of scale that would be expected to result from growth of assets before that growth occurred.

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be paid by the Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as the Fund. The Trustees recognized that Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other projected expenses and the expense ratios for the Fund. The Trustees considered the projected fee waiver and/or expense reimbursement arrangements proposed for the Fund and considered the net advisory fee rate after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.

The Trustees noted that the Fund’s estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fees were reasonable.



164	J.P. MORGAN INTERNATIONAL EQUITY FUNDS	APRIL 30, 2015

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

LOGO

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.


		^© JPMorgan Chase & Co., 2015. All rights reserved. April 2015.		SAN-INTEQ-415

ITEM 2.

CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6.

SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11.

CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the

Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II


By:		/s/ Robert L. Young
		Robert L. Young
		President and Principal Executive Office
		July 2, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Robert L. Young
		Robert L. Young
		President and Principal Executive Officer
		July 2, 2015

By:		/s/ Laura M. Del Prato
		Laura M. Del Prato
		Treasurer and Principal Financial Officer
		July 2, 2015

— Amount rounds to less than 0.1%.

— Amount rounds to less than one thousand (shares or dollars).

— Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

— The rate shown is the current yield as of April 30, 2015.

— All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and forward foreign currency exchange contracts.